The Thai Deputy Prime Minister Somkid Jatusripitak recently ordered the Bank of Thailand (BOT) to study if bitcoin is suitable as a legal method of payment in the country, according to several local newspapers. At the fintech event organized by the Matichon Group last month, he said the Ministry of Finance and the BOT must collaborate to support fintech, adding that (loosely translated):
"The Bank of Thailand will have to relax its strict rules which hinder fintech. This will allow the bank to explore the possibilities of new innovations like Bitcoin to determine if Thailand should embrace it, how suitable it is for the country, how risky, how to prevent fraud, and to encourage entrepreneurs and financial institutions to get involved in fintech."
“The BOT already knows what rules and regulations should be amended,” the deputy prime minister said. “Not everything is prohibited. Whatever is too much is not good, whatever is too little is also not good,” he argued.
While admitting Thailand cannot compete with financial centers such as Singapore, he hopes it could be a fintech leader among neighbors including Cambodia, Laos, Myanmar, and Vietnam.
You can read more here.There is now an increasing demand for Bitcoin coming from Thailand and with this news coming from the government it is now really confirmed that Thailand is also thinking of riding into the blockchain bandwagon so they would not be left behind with the benefits of the innovations coming from fintech companies.
With Japan leading the pack for opening good markets for Bitcoin, Asia will soon experience a real boom for Bitcoin and its underlying blockchain technology. I am sure that there would be more Southeast Asian countries who would like to also join the Bitcoin party.
Let's welcome Thailand to the Bitcoin club.
