While more and more countries are easing regulations to facilitate crypto trade in the country, Thailand seems to be taking the opposite route. However, Thailand has been trying to promote cryptocurrency tourism to boost its economy. Some experts feel that the government is trying to keep institutional banks away from cryptocurrency to streamline the country’s crypto tourism effort. However, that argument does not make complete sense when we take into account the overall crypto adoption rates facilitated by big banks.
The Bank of Thailand has been tough on cryptocurrency policies lately. The recent statement from the bank disallows all private banks to offer crypto investment products. Many major banks in Thailand have partnered with cryptocurrency exchanges to offer investment instruments to customers. The Bank of Thailand does not want this to continue, though they have not stated the exact reason behind the decisions.
In Thailand and other East Asian countries, cryptocurrency is a growing force. Many people are regaining their fortune through cryptocurrency after suffering immense losses due to the Covid-19 pandemic. The governments in these countries are also taking it in stride, and Bitcoin adoption rates are growing exponentially.
The Bank of Thailand has also stated that paying for goods and services with digital assets will be detrimental to the nation’s economy. However, that stands in contrast with their earlier plans of cryptocurrency tourism. The confusion is indicative of the internal conflict between the country’s tourism department and the central bank.
