Thailand allows foreign tourists to use cryptocurrency payments... a teaser for financial regulatory reform

The Thai government is promoting a plan to allow foreign tourists to pay with cryptocurrencies linked to their credit cards.
On the 26th (local time), according to a local media outlet, Pichai Chunhabajira (P
Deputy Prime Minister and Minister of Finance, Dr. Ichai Chunhavajira, said at an investment seminar in Bangkok that foreign tourists will be able to link their crypto wallets to their credit cards in the future.
Once the transaction is made, the merchant will receive payment in Thai Baht (THB) as normal and will not be able to tell if cryptocurrency was used.
The pilot program will be fully implemented after the relevant infrastructure and regulatory review are completed.
Deputy Prime Minister Choonhabajira said, "This system can be introduced in Thailand immediately. It will be possible to use the Thai baht directly in transactions."
"This will reduce the risk to the domestic currency," he emphasized. In addition to allowing cryptocurrency payments for tourists, the Thai government is also working to establish a legal framework between traditional capital markets and digital asset markets.
Currently, the two markets are governed by separate laws and they need to be integrated, he said. Thailand's outdated regulations for institutional investors are also being reformed.
Currently, most life insurance companies and large funds managing assets worth hundreds of billions of baht are restricted to investing only in government bonds, but in the future they will be able to invest in stocks and private sector assets.
It is likely that they will also be able to access