Yigit Taha OZTURK 
Former Prime Minister of Thailand, Thaksin Shinawatra, delivered a speech at the Intercontinental Hotel in Hua Hin, urging the Thai government to study cryptocurrencies and continue sandbox experiments to remain relevant on the global stage.
Shinawatra did not suggest that Thailand should buy cryptocurrencies but emphasized the importance of understanding digital assets and the global digitalization trends. He stated, “There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Thai people must think and understand this.”
He also highlighted that the incoming Trump administration’s trade tariffs and the idea of paying off the national debt with Bitcoin make understanding the digital economy even more critical.
Thailand’s Digital Economy Initiatives
- August 2024: The Thailand Securities and Exchange Commission (SEC) announced a regulatory sandbox for crypto service providers, creating a testing environment for experimental financial technologies.
- July 2024: The Pheu Thai Party distributed digital cash worth 10,000 baht (approximately $280) to 45 million residents as an economic stimulus.
- September 2024: Kasikornbank, Thailand’s second-largest bank, launched the country’s first licensed crypto custody service for digital asset businesses.
- October 2024: The Thailand SEC proposed allowing investment funds to access crypto investments.
- October 2024: The Bank of Thailand partnered with the Hong Kong Monetary Authority (HKMA) to test tokenized cross-border payments, as part of HKMA’s Project Ensemble.
These developments reflect Thailand’s proactive efforts in crypto regulations and the digital economy, showcasing its dedication to innovation and adaptation in the global financial landscape.
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