In an move by cryptocurrency enthusiasts, former Prime Minister Thaksin Shenatra last month proposed to use the focus as a bit coin sandbox for tourism, aimed at digital currency holders Encouraging to spend in the country.

Declared as the Thai Party’s Da Facto Leader, Thaksin said other countries in the region are looking to talk about cryptocurrency with Thailand, and a means of pulling more money in the economy. Let’s see.

He said that Thailand is more ready than other countries in Southeast Asia to move forward with cryptocurrency, especially when US President Donald Trump announced his crypto friendly policies.

Stabon is a currency that supports assets such as gold or government bonds, and is less at risk than other digital assets.

A cryptocurrency sandbox will be launched in October with harmony with the private sector.

However, the challenges are pending because BitCoin and other crypto currencies are not yet allowed through the Bank of Thailand.

The crypto exchange in Thailand is regularly made by the Securities and Exchange Commission (SEC).

What is a crypto sandbox?

In a tourism location, such as a crypto sandbox in the focus, they believe that they should use Bitcoin and other crypto currencies instead of traditional currencies, as some foreign citizens can spend several million bucks to buy condo or houses.

The move makes it easier for foreigners to spend a large amount of money without spending a large amount of money. The use of traceable crypto currencies can help obtain the uncontrollable funds that bring into a foreign country.

Naron Futonnocol, chief executive of the Crypto Exchange Gulf Binens, said that Focrato Crypto Sandbox could raise Thailand’s position globally.

“In view of the heavy dependence on Thailand’s tourism, introducing a crypto -friendly environment at a high -level destination like the focus can not only start tourists but also digital nomads, crypto investors and the region,” he said.

Mr Neron said that it agrees with Thailand’s strategic powers and reinforces the image of the country as a modern nation, which accepts emerging trends.

He also provides a control environment for management of the risks associated with the Sandbox Model Crypto.

“Since BAHT is not an independent currency, so from this point of view, regulatory authorities such as the central bank, to monitor progress, assess the benefits and reduce the potential challenges to ensure financial stability. Is found. “

He said that for local crypto businesses, the move should increase trade volume and operate an ecosystem with new subsidiary products and services with blockchain technology.

Mr Narun said that the sandbox should legalize bitcoin and crypto currencies, and pave the way for wider adoption and innovation within the country. The move can serve as a blueprint for similar projects across the country, and can take Thailand as a leader in the global digital asset environmental system.

What are the challenges in launching the sandbox?

Mr Neron said the main challenge is that there is no legal framework to govern such a project.

“The government will need to develop new rules, policies and legal structures, while the role and responsibilities of various officials involved in the monitoring of the sandbox will be explained,” he told the Bangkok Post.

“It would be very important to manage the risks, as a suitable regulatory framework needs to be designed specifically for the sandbox, which kills the right balance between risk and innovation. The technical infrastructure is also very important. Because the move is new to the country. “

Many traders are reluctant to accept bitcoin or other crypto currencies because they cannot easily record them in their accounts and turn them into cash We have to find ways.

Another problem is the high volatility of Bitcoin price. Mr Adomsak said, even Stabrics, while Bitcoin is subject to fluctuations in exchange rates despite fluctuations, which is also a lecturer at the Castor University Department of Mathematics.

“Efforts to allow crypto currencies through the payment of ordinary retail purchases have been going on for a long time,” he said. Regulators may have to revise these discussions. “

Digital Payment Gateway Provider, Chief Executive of Pay Solutions, Pot Pong Vatiapano, said many companies tried to offer crypto payment options, but stopped these efforts due to legal concerns about currency rules. Gay, which may be contradictory to recognizing cryptocurrency as a source of payment.

More than 100 countries have nominated certain cities for the use of cryptocurrency, including the United States, Switzerland, Argentina and the United Arab Emirates.

What do regulators think?

SEC Deputy Secretary General, Jamkovan Cangeskol said the regulator realizes the benefits of divided Ledger Technology (DLT) and digital currencies that SEC is to expand the capital market market. Help to reach the goal.

“We are monitoring the development of digital assets to operate the digital economy and properly protect the benefits of investors,” he said.

Ms Jamkwan said that the central bank launched the program payable Sandbox Project, which encourages the development of innovations in payments and uses a stand -backed stabbacion for payment.

“The experience of digital asset business rules and regulations under the SEC should be in our digital asset regulatory sandbox project, such as the trade of stable queens in the DLT network,” he said.

Ms Jamkwan said that digital assets are given to be used within a particular area or limited amount, to allow for use for payment under specific conditions, it is part of the SEC and Central Bank under supervision sandbox Should

He said that there is a must have a proper regulatory framework that connects other related laws, such as anti -money laundering law.

Meanwhile, the United States is the only country that has imposed a presidential ban on the Central Bank Digital Currency (CBDC) following Trump’s rapid move to ban digital dollars. Analysts have predicted that the future dollar -backed stable Queens is paved.

Prior to the ban, the United States was one of more than 130 countries, represented by 98 % of the global economy, which searched the CBDC to try to take advantage of the technical change.

China is among the Bahamas and Nigeria as well as the CBDC leaders.

This year, the European Central Bank is scheduled to offer the key features of the digital euro.

What are the other digital currency steps in Thailand?

In Southeast Asia, Thailand has been the pioneer of alternative payment schemes, which is focusing on reducing cross -border trade costs rather than improving banking performance and reducing dollar domination.

The Bank of Thailand began detecting the use of CBDC for domestic use in 2018 when the banking system was undergoing rapid digitalization, and crossing the border with other central banks in the region. The possibilities were discovered.

In 2019, the regulator linked to the Hong Kong Monetary Authority and launched a joint Enthan/Lionrock project, which sought the possibility of payment between the two economies.

As the third phase of the expanded Thai/HK CBDC project, M. Bridge concept in 2021, with the inclusion of Digital Currency of BIS Innovation Hub, United Arab Emirates Central Bank and China Bank Bank of China Wait

The project is aimed at DLT’s operation and a new business model used by several CBDCs, without any multiple CBDC, said Casidat Tansingwan, director of the Digital Currency Unit Bank of Thailand. Using, stumbling for cross -border funds and foreign exchange transactions. Making them cheaper, fastest, more transparent and safer, which is the risk of settlement.

Mr Casidate said financially, “It is intended to have more flexibility to use local currencies as an option to help businesses reduce the risks of exchange rate. In other words, it Avoid the use of US dollars as a currency of a batch. ” Times Financial Affairs Publishing.