As per multiple reports from sources including Bangkok Post and The Nation, Thailand is moving ahead with its plans to broaden cryptocurrency use in the country.
Thailand’s Finance Minister Pichai Chunhaivajira said in a speech that the Ministry of Finance is looking at models that would link cryptocurrencies to credit cards, ideally for tourists who want to use digital assets as a form of payment in Thailand.
“In some foreign countries, it’s already possible to use crypto for purchases by linking it to credit cards. When something is bought, the vendor receives payment in local currency as normal, often not even realising the buyer used crypto. This approach can be immediately adapted for Thailand, provided the supporting systems are in place, but it will not involve our domestic currency,” said Pichai.
Before Thailand gets more open to crypto, the country still has to reckon with multiple rules that have tightened the country’s practice towards traditional investment practices, as mentioned by Pichai in his keynote speech.
Pichai noted the various restrictions imposed by Thailand’s financial regulatory body, the Securities and Exchange Commission, such as life insurance companies being allowed to invest very little money in stocks and some funds only being allowed to invest in government bonds. Pichai also spoke about the Thai stock market and its stability compared to other stock indexes, highlighting current efforts to amend regulations by the Securities and Exchange Commission to improve the framework for digital assets.
As of now, Thailand does not permit credit card companies to provide exchange services for crypto, where sellers receive fiat currency and buyers use crypto as a form of payment. Pichai said if the country were to allow it, it would only do so under strict conditions.
