Thailand May Accept Bitcoin as a Payment Method

MetaversePlanet December 30, 2024Last Updated: December 30, 2024

0 2 minutes read

There is a lot of cryptocurrency market activity in Asia. While the Japanese government is taking a cautious stance on cryptocurrencies, Thailand is preparing to accept Bitcoin as a payment method to boost its economy. It is believed that the actions of Asian states regarding cryptocurrencies are indirectly influenced by the pro-crypto and pro-Bitcoin stance of Donald Trump, who will take office as the US President on January 20, 2025. The new cryptocurrency policies of the United States are likely to trigger a re-evaluation of digital assets and hedgehog coins in many countries.

Contents show

Japan Says No to Bitcoin Reserves

The election of Donald Trump as the President of the United States has sparked debate over the attitudes of nations toward the cryptocurrency market and the blockchain industry. During his election campaign, Trump stated his support for the cryptocurrency industry and promised to establish a strategic Bitcoin reserve. Following his election victory on November 6, 2024, one of his first actions was the creation of the Government Efficiency Department, headed by Elon Musk. Interestingly, the department’s abbreviation, DOGE, reminded many of Dogecoin, one of Musk’s favorite cryptocurrencies. While building his team, Trump deliberately selected pro-crypto politicians. Now, the world is eagerly waiting for him to officially assume office on January 20, 2025. Meanwhile, nations are reviewing their cryptocurrency policies.

In Japan, MP Satoshi Hamada proposed the creation of a strategic Bitcoin reserve, citing plans from the United States and other countries. However, on December 26, Japanese Prime Minister Shigeru Ishiba issued a statement clarifying the government’s stance. According to the Prime Minister, Bitcoin remains outside the regulatory framework for national currency reserves due to its price volatility, which conflicts with Japan’s financial policies. A report by Coinpost, a Japan-based cryptocurrency news site, highlighted that the government found a Bitcoin reserve unsuitable for its national currency reserve strategies and noted insufficient information regarding the strategic reserve plans of other countries.

Bitcoin Payment Project in Thailand

In contrast, Thailand is taking bold steps toward Bitcoin and cryptocurrencies. Former Thai Prime Minister Thaksin Shinawatra has introduced a project aimed at enabling tourists to pay with Bitcoin. The initiative will be tested in Phuket, one of the country’s leading tourist destinations. According to the Bangkok Post, the project aims to transform Phuket into a digital payments hub, attracting tech-savvy visitors and stimulating the local economy. However, the Bank of Thailand has not yet authorized cryptocurrency payments in the country. The government’s and the central bank’s response to this project is eagerly awaited.