A company that is changing the way the world mines bitcoin

crypto.news 2025-01-30 08:47:01

Thailand reportedly weighing bond-backed stablecoins but no official word

Phuket’s crypto sandbox is set for 2025, but new reports suggest Thailand’s government may also be quietly exploring stablecoins. On Jan. 30, reports emerged that Thailand’s Finance Minister, during a meeting with the Securities and Exchange Commission, revealed that the government is exploring the possibility of issuing stablecoins backed by government bonds, according to sources from Jinshi . However, it’s important to note that this information has not been officially confirmed. This move follows statements made by Thailand’s former Prime Minister, Thaksin Shinawatra, who, at an event in Bangkok on Jan. 13, encouraged the country’s financial institutions to adopt a more crypto-friendly stance, Reuters reported . Thaksin pointed to the pro-crypto position of incoming U.S. President Donald Trump as a potential influence on global financial policies. He specifically urged the Thai SEC to adopt a more digital approach, advocating for the trading of stablecoins or other assets backed by real-world assets. In addition, Thaksin mentioned that the Thai government is exploring the use of cryptocurrency for payments, with the island of Phuket being considered as a potential site for a pilot project. You might also like: Thailand approves crypto tax break to boost its digital economy Adding to this discussion, Jomkwan Kongsakul, deputy secretary-general of SEC, mentioned the potential overlap of guidance on baht-backed stablecoins between the SEC and the Bank of Thailand, which is working with the Programmable Money initiative. Thailand’s crypto adoption On Jan. 19, Thailand revealed plans to launch a crypto sandbox in Phuket in October 2025. In an ASEAN-wide economic meeting, the initiative was also introduced by former PM Shinawatra. The sandbox is an initiative to allow businesses and consumers to try out crypto transactions safely in a risk-free environment, using stablecoins, as a way to promote innovation, especially within the tourism industry. You might also like: Thailand SEC considers green lighting Bitcoin ETFs as active crypto accounts near 300k Shinawatra, who made headlines recently for advocating for the legalization of online gambling, believes the measure can bring the government annual revenues of around 100 billion baht or about $2.89 billion. While the former prime minister has retired from his role in the government, he remains politically powerful, especially as he has passed the baton to his daughter, Prime Minister Paetongtarn Shinawatra. Thailand’s interest in stablecoins is aligned with a wider Southeast Asia trend, where government-backed stablecoin has a major role to play. Private stablecoins and government-backed stablecoins have been integrated in Singapore and Hong Kong via their regulatory frameworks. Read more: Thailand raids illegal Bitcoin mine after frequent power outages

Enim loetud uudised

SEC Approves Bitwise Bitcoin and Ethereum ETF...
2025-01-31
USDC gains another step on Tether’s USDT mark...
2025-01-31
Bitcoin Suisse and Others Join Chronicle Prot...
2025-01-31
Bankman-Fried’s Family Seeks Trump’s Pardon f...
2025-01-31
SEC Approves Bitwise’s Groundbreaking Bitcoin...
2025-01-31
Bitcoin In Texas’ Future? Gov. Dan Patrick Un...
2025-01-31
BlockDAG’s TG Tap Miner Lands on OKX Wallet &...
2025-01-31
Top Crypto Pick for 2025 – Web3Bay Shines Wit...
2025-01-31

Seotud uudised

NYSE Arca Explores Possibility of Converting Grays...
31 Jan 2025
Fairshake’s $116 Million War Chest: Potential Impa...
31 Jan 2025
Grayscale Seeks XRP ETF Approval as Trump-Era Regu...
31 Jan 2025
Ethereum MVRV Forms Signal That Last Led To 40% Pr...
31 Jan 2025
Regret Skipping Bonk’s Meteoric Rise? This Top New...
31 Jan 2025
Fed Chair: Banks Are Perfectly Able to Serve Crypt...
31 Jan 2025

Loe lahtiütlusest : Kogu meie veebisaidi, hüperlingitud saitide, seotud rakenduste, foorumite, ajaveebide, sotsiaalmeediakontode ja muude platvormide ("Sait") siin esitatud sisu on mõeldud ainult teie üldiseks teabeks, mis on hangitud kolmandate isikute allikatest. Me ei anna meie sisu osas mingeid garantiisid, sealhulgas täpsust ja ajakohastust, kuid mitte ainult. Ükski meie poolt pakutava sisu osa ei kujuta endast finantsnõustamist, õigusnõustamist ega muud nõustamist, mis on mõeldud teie konkreetseks toetumiseks mis tahes eesmärgil. Mis tahes kasutamine või sõltuvus meie sisust on ainuüksi omal vastutusel ja omal äranägemisel. Enne nende kasutamist peate oma teadustööd läbi viima, analüüsima ja kontrollima oma sisu. Kauplemine on väga riskantne tegevus, mis võib põhjustada suuri kahjusid, palun konsulteerige enne oma otsuse langetamist oma finantsnõustajaga. Meie saidi sisu ei tohi olla pakkumine ega pakkumine