Gulf Finance CEO Supports Thailand's Bitcoin Pilot Project… But Calls for Thorough Review

Former Thai Prime Minister Thaksin Shinawatra has proposed turning the tourist city of Phuket into a Bitcoin (BTC) payment special zone, and there has been a positive response to this idea.

According to the Bangkok Post on the 26th, Nirun Phuwathananuwong, CEO of Gulf Finance, responded to former Prime Minister Thaksin's proposal to utilize Phuket as a Bitcoin payment special zone for tourism.

Specifically, CEO Phuwathananuwong stated that the proposal "not only reflects the momentum of global virtual asset adoption but also shows that top-level leaders are willing to embrace innovation," adding that "as the adoption of digital and virtual assets accelerates globally, Thailand should not be left behind."

Furthermore, CEO Phuwathananuwong noted that "considering Thailand's reliance on tourism and foreigners, introducing a virtual asset payment system in Phuket aligns strategically," and "using a sandbox approach would give regulators time to assess the impact of the pilot project while allowing consumers and businesses to gain experience."

However, CEO Phuwathananuwong emphasized that efforts from regulators and financial institutions are necessary for such plans to be established.

He explained that "initiatives to introduce Bitcoin or other virtual assets as a means of payment could impact the risk management capabilities of the Bank of Thailand. Therefore, the risks and benefits of the plan should be thoroughly reviewed."

Additionally, CEO Phuwathananuwong mentioned that "regulatory changes are also needed. Currently, the Bank of Thailand completely prohibits the use of Bitcoin and other virtual assets as a means of payment. The central bank and the Securities and Exchange Commission (SEC) need to establish a framework to effectively manage the initiative."