Former Thai Prime Minister Thaksin Shinawatra has announced plans to launch a cryptocurrency sandbox in Phuket this October, aiming to boost the regional economy. The sandbox will serve as a controlled experimental environment where the private sector and government can collaborate to advance digital currency initiatives.
Thaksin stated that Thailand is more prepared than any other ASEAN country to adopt cryptocurrency, especially following U.S. President-elect Donald Trump’s plan to embrace digital currencies. He highlighted cryptocurrency as a key opportunity to inject capital into the economic system, adding that talks with other ASEAN countries are currently underway.
When asked about his remarks on inviting ASEAN nations to explore cryptocurrency, Thaksin confirmed that discussions are in progress. He stressed the importance of swift adoption to prevent a brain drain of top talent migrating to the U.S.
A sandbox is a controlled environment where businesses can safely test new technologies under regulatory supervision, ensuring compliance and security. During a recent seminar, Thaksin proposed turning Phuket into a "Bitcoin sandbox" to attract tourists and encourage digital currency holders to spend their assets in Thailand.
The idea was welcomed by Nirun Fuwattananukul, CEO of Gulf Binance, who said this initiative would enhance Thailand’s competitiveness and appeal to tech-savvy visitors. He added that implementing the sandbox is a prudent strategy, offering a regulated environment where businesses and consumers can gain practical experience while regulators evaluate the results.
The sandbox initiative is expected to stimulate innovation in Thailand’s cryptocurrency ecosystem while maintaining a balance between growth and regulatory oversight.
Source: Bangkok Post
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