Blockchain adoption in Thailand’s financial services is complex as the Thai Central Bank’s endorsement of the technology excludes payments via cryptocurrencies. Some Thai gamblers look for online gambling sites that accept cryptocurrency as a means to maintain anonymity. However, they would have to search long and hard as local financial service providers have to comply by the guidelines recently released by the Bank of Thailand (BOT),
Although Thai citizens are not restricted from trading with digital coins at international crypto exchange sites, the country’s BOT does not support such transactions locally. Being the enforcer of financial services regulations, the BOT wants to make it difficult for Thai financial service providers to handle blockchain transactions involving cryptocurrency payments.
Type of BlockchainTechnology Adoption Supported By Thai Government
In early August of this year, the BOT published a set of guidelines that domestic financial institutions, bank conglomerates operating in Thailand, non-bank fintechs and payment processors, must comply with in line with blockchain technology adoption.
BOT’s Blockchain Technology Guidelines indicate that blockchain supported financial activities are limited to international remittances, transaction verification, development projects for financial infrastructure and electronic Letters of Guarantee. The published guidelines reiterated the BOT’s previous declaration that it does not support financial services that facilitate cryptocurrency payments.
Actually, Thailand along with several other Asian countries followed suit to China’s mandatory restrictions on highly speculative cryptocurrency trading activities that have been taking place in Europe and in the U.S. The restriction includes the emerging non-fungible tokens (NFTs) that have gained traction as an alternative digital asset investment for trading/
That is why searching for an online gambling platform in Thailand that locally processes deposits and winnings in cryptocurrency is akin to looking for the proverbial “needle in a haystack.” Thai Gamblers would have more luck with discovering what they call คาสิโนออนไลน์ได้เงินจริงฝากขั้นต่ํา100, which refers to real money online casinos that accept minimum deposit of 100 baht.
Status of Online Gambling in Thailand
Online gambling in Thailand is still illegal, as proposals to legalize casino gambling have had no progress beyond the usual debates over the pros an cons of legal gambling. Although Thai Prime Minister Prayut Chan-o-cha announced in January 2021 that he is open to holding public discussions about the matter, the office of the PM has yet to disclose new developments.
Yet there is no clamor coming from Thai’s betting public despite the widespread gambling activities taking place across the country. PM Chan-o-cha’s concern that illegal gambling is flourishing in the country, while the government spends resources on crackdowns against illicit gambling dens and remotely operated online casinos and sports books.
Although online gambling is regarded as illegal under Thailand’s gambling laws, many of the online gambling sites used by local Thai gamblers are legal entities licensed and supervised by international gambling regulators, It does not come as a surprise that avid gambling enthusiasts in the country are not rallying behind calls for legal casino gambling.
After all, there are now online casinos and sports betting sites that offer games and services via mobile applications, whilst using Virtual Private Networks (VPNs). Moreover, content and customer service support are accessible in Thai language,