A cryptocurrency sandbox is expected to be launched in Phuket in October, says former prime minister Thaksin Shinawatra.
In a discussion on Asean’s economy, Thaksin said Thailand is more prepared than any other in the region to move ahead with cryptocurrency, especially after US president-elect Donald Trump’s plan to adopt it.
He said other nations in the region are also keen to hold talks with Thailand about cryptocurrency, which he described as an opportunity to inject money into the economic system.
When asked about his recent remarks about inviting Asean countries to engage in talks on this matter, Thaksin said such discussions are underway.
He stressed that cryptocurrency should be adopted quickly as delays could lead to the best minds in the sector migrating to the US.
He pointed out that cryptocurrencies should not be confused with gambling, saying it is a new form of currency backed by assets, such as gold or government bonds.
He said these currencies are known as “stablecoins” and they carry less risk than others. He said Thailand will not accept high-risk cryptocurrencies and a cryptocurrency sandbox is expected to be launched in October involving the private sector.
At a Pheu Thai seminar last month, Thaksin, said to be de facto leader of the party, proposed using Phuket as a Bitcoin sandbox for tourism to encourage digital currency holders to spend their digital money in the country.
The idea was welcomed by Nirun Fuwattananukul, chief executive of Gulf Binance, who said the project would be a positive step to boost Thailand’s competitiveness and attractiveness to tech-savvy visitors.
Mr Nirun said implementing a sandbox approach was a prudent strategy as it would provide a controlled environment allowing the regulator to closely monitor and assess the implications, while businesses and consumers would gain practical experience.
