The CEO of Binance's Thai arm has encouraged the Bank of Thailand to consider former Prime Minister Thaksin Shinawatra's proposal for a Bitcoin payment pilot project so that the country does not fall behind.

According to Bangkok Post, Thailand Working on presenting the former Prime Minister's proposal on Bitcoin (Bitcoin) The pilot payment project is a reality. Binance The Thai arm will reportedly support the pilot project aimed at making Phuket a Bitcoin sandbox for tourism.

“Given our country’s reliance on tourism and foreign inflows, the integration of cryptocurrencies into Phuket’s economy could align well with Thailand’s strategic strengths, potentially attracting visitors and tech-savvy investors.”

Niron Voatanankul, CEO of Gulf Binance, a joint venture between Binance Thailand and Gulf Innova.

Phutananukul viewed the idea as a positive step towards strengthening Thailand's position in the global economy with an increasing number of regions like the world. we. and Japan They are looking to leverage Bitcoin as an alternative currency. He believes that Thailand “should not be left behind” in terms of cryptocurrency adoption.

However, unlike those countries, Thailand is bound by government law to restrict payments to its local currency only. Therefore, the Bitcoin pilot project will give the central bank an opportunity to evaluate the risks and benefits associated with the cryptocurrency.

“Introducing bitcoin or other cryptocurrencies as a means of payment could have implications for cash flow and the Bank of Thailand’s ability to manage economic stability,” Phuatananukul said.

The Bank of Thailand has jurisdiction over the regulation of payment systems in Thailand, while digital assets fall within the scope of the Bank of Thailand Securities and Exchange Commission.

According to the head of Gulf Binance, both the central bank and the SEC will need to work together to align their regulatory frameworks and coordinate the vision of this pilot project. Key considerations include consumer protection, anti-money laundering measures, and the potential impact on financial stability in Thailand.

“The regulatory framework will also need to ensure that cryptocurrency payments operate within the country’s existing monetary policies and currency controls,” he said.

Ditto I mentioned By crypto.news In November, Binance was eyeing Thailand as a key market to drive widespread cryptocurrency adoption as the country gradually becomes more open to cryptocurrency regulations.

Rachel Conlan, chief marketing officer at Binance, said Thailand was among Binance's top 20 markets, with local cryptocurrency penetration estimated at 12%, double the global average of 6%.