Pichai Chunhavajira said that the project will launch this year. Foreign tourists will be able to deposit bitcoins into the accounts of local cryptocurrency exchanges and use them to pay for goods and services after passing the verification procedure. Later, the clearing house will convert BTC into Thai baht.
“For example, those who have fled armed conflict and settled in Phuket may find it difficult to get 50 million baht to buy a house. However, paying with Bitcoin can be a much simpler method,” Chunhawajira said.
He clarified that there are no plans to introduce any regulatory changes to existing laws, since the authorities have all the necessary mechanisms to support a pilot project to use the first cryptocurrency.
Earlier, former Prime Minister of Thailand Thaksin Shinawatra called on the authorities to continue experimenting with digital assets within the regulatory sandbox in order to keep up with other countries in this area.
Source: Bits
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