The Thai government took a significant step toward a digital tourism model with the launch of the TouristDigiPay crypto wallet. The tool will facilitate the use of cryptocurrencies by visitors and strengthen their adoption.

The government has detailed that the project to launch the wallet was supervised by the Securities and Exchange Commission of Thailand. It also indicated that TouristDigiPay will operate within a “safe environment to ensure strict compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.”

Visitors will be able to pay with this wallet at local businesses, where the local currency, the Thai baht, will be converted into cryptocurrencies such as Bitcoin, with the option of linking it to foreign debit and credit cards.

Authorities have set a spending limit based on the size of participating businesses. “Large spaces with electronic payment terminals will have a maximum of 500,000 baht per month (around US$15,300), while smaller businesses will be able to process up to 50,000 baht (just over US$1,500).” This measure will help maintain control over operations.

The launch of the crypto wallet joins the Thai government’s initiatives to promote digital finance in a key sector such as tourism, which has generated more than US$26.25 billion this year.

M.Pino

Source: cripto247

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La entrada Thailand launches crypto wallet for tourists apareció primero en Bitfinance.

Thailand has approved exempting cryptocurrency sales from tax for five years, until 2029, provided they are made through authorized crypto asset service providers.

This was announced by the country’s Deputy Finance Minister, Julapun Amornvivat, who noted that the measure seeks to “strengthen Thailand’s position as a global financial center and one of the first countries to adopt laws on digital assets and their taxation.”

He also emphasized that this decision seeks to promote digital currency trading under the supervision of the Thai Securities and Exchange Commission (SEC), in compliance with the “anti-money laundering (AML) policies recommended by the Financial Action Task Force (FATF).”

The Ministry of Finance expects crypto assets to contribute to the expansion of the national economy and increase tax revenues in the medium term “by no less than 1 billion baht,” approximately $30.7 million.

M.Pino

Source: cointelegraph

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La entrada Cryptocurrency sales in Thailand to receive five-year tax exemption apareció primero en Bitfinance.

The BRICS group, through the Ministry of Foreign Affairs of Brazil, announced its new members, which are: Cuba, Bolivia, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan.

With the announcement made this Saturday, January 18, new alliances are established that fulfill the category of partner country, created at the XVI BRICS Summit, in Kazan, Russia, in October 2024.

“The new members have a lower position than the permanent members, but they have the possibility of participating in summits and thematic meetings.”

It is important to note that negotiations to accept new members began in 2023 by the group originally made up of Brazil, Russia, India, South Africa and China.

M.Pino

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La entrada Brazil announced new members of the BRICS apareció primero en Bitfinance.

Thailand has decided to require an injunction to shut down Facebook if it fails to effectively address misleading investment ads and cryptocurrency scams on its platform.

On Aug. 21, the Ministry of Digital Economy and Society (MDES) reported that more than 200,000 people were notably misled by Facebook ads promoting cryptocurrency scams, investments in fictitious companies, and fake government entities, such as the Stock Exchange Commission and Values.

Among the most common schemes used by scammers were cryptocurrency investment and business fraud, according to MDES. Some ads apparently used images of famous personalities and well-known financial figures, offering promises of up to 30 % daily profit, with the purpose of luring people into scams.

Chaiwut Thanakamanusorn, the MDES minister, said that the ministry had held talks with the Meta platform and had sent a letter to it in this regard, however, he stated that it does not exercise control over advertisers.

The Ministry is amassing evidence of the fraudulent advertisements, which, according to his statement, number a considerable 5,300. Later this month, he is set to formally petition the court to shut down Facebook within seven days.

The Ministry alerted about the modus operandi of these scams, emphasizing that consumers must be careful when faced with promises of high and guaranteed returns, as well as with advertisements that use images of famous people.

K. Tovar

Source: Cointelegraph

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La entrada Thailand threatens to shut down Facebook over massive crypto scams apareció primero en Bitfinance.

Thailand and the European Union announced Wednesday that they will resume talks for a free trade agreement, which seeks to benefit both parties.

The executive vice-president of the European Commission and head of Trade, Valdis Dombrovkis, showed his satisfaction regarding the relaunch of the negotiations.

“I warmly welcome the relaunch of negotiations with the second-largest economy in the Asean (Association of Southeast Asian Nations) region,” Dombrovkis said in a video conference meeting with Thai Deputy Prime Minister Jurin Laksanawisit.

Negotiations began in 2012, but they did not advance much, since the following year there was a coup d’état by General Prayut Chan-ocha, who seized power.

Later in 2017, Thailand approved its current constitution, prompting EU countries to request that talks resume.

Considering that in the first half of 2023 Thailand will hold elections, the petition is of greater interest. “A modern and dynamic free trade agreement would lead to benefits for both parties and would strengthen the EU’s trade ties with the Indo-Pacific region,” according to Dombrovskis.

M.Pino

Source: swissinfo

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La entrada EU and Thailand resume talks for a free trade agreement apareció primero en Bitfinance.

In a recent announcement by the Chinese Ministry of Culture and Tourism, it was revealed that they will launch a pilot tourist travel plan starting next February 6, resuming the activity suspended by the Covid-19 pandemic.

It is a pilot plan for the reopening of the tourism business, one of the fundamental pillars of the economy not only in China but globally, affected by the quarantine after the pandemic.

According to a statement from China’s Ministry of Culture and Tourism, the pilot plan that will start in a few days will offer citizens packages that include airfare and hotel accommodation for some destinations.

Travelers will be able to select the place of preference in South Korea, Thailand, Singapore and Japan. It will be the preamble to prepare the rest of the international destinations to receive travelers from China.

M.Pino

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La entrada China to start tourist travel pilot plan in February apareció primero en Bitfinance.

The Central Bank of Thailand (BOT) assured that it has no intention of rushing the launch of its own digital currency, CBDC, so it will take more time than expected to study this possibility and determine the benefits it would bring to the economy.

The local regulator aims to guarantee a version of the national fiat, with additional benefits to the Thai financial system under correct risk management.

Retail CBDC development is expected to take more than five years before market launch, according to BoT Governor Sethaput Suthiwartnarueput, quoted by the Bangkok Post.

Last week, the top executive explained that the bank wants to better understand the benefits and risks of retail CBDC and, in particular, whether there are additional benefits with respect to Promptpay, the nation’s digital payment system. The central bank hasn’t seen that yet, the governor said. Sethaput also emphasized that a digital currency should ultimately change the country’s financial system and benefit everyone.

K. Tovar

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Source: Diariobitcoin

La entrada Thailand will need more time for its CBDC apareció primero en Bitfinance.

Cryptocurrency exchange Binance is very interested in returning to providing services in Thailand, in addition to opening a new branch in said country.

The digital asset exchange company recently signed an agreement with Gulf Energy, a Thai holding company that focuses on the energy sector.

The energy company reached an agreement with the world’s largest cryptocurrency exchange based on the strong assumption that the infrastructure of Thailand’s digital economy will experience “rapid growth” in the coming years.

“Our goal is to work with the government, regulators and innovative companies to develop the cryptocurrency and blockchain ecosystem in Thailand,” said a Binance spokesperson.

Given this situation, the digital economy in Thailand is more prepared in terms of regulatory measures for traders. The director general of the Thai government’s Department of Revenue made regulatory transparency a top priority this month after announcing a 15% capital gains tax on cryptocurrency trading on Jan. 6.

K. Tovar

Source: Cointelegraph

La entrada Binance will restore its services in Thailand apareció primero en Bitfinance.

The Taiwanese manufacturer of computers and IT components Gigabyte was the victim this weekend of a cyberattack of ransomware that allowed criminals to seize 112GB of company data, although its operations have not been affected.

As confirmed by the company itself, the cyberattack took place on Friday and allowed hackers to access a small number of the Asian manufacturer’s servers related to internal activities.

After warning the irregular access to its servers on Friday, Gigabyte claims to have activated the security mechanisms, shutting down its systems and notified the authorities about the cyberattack.

On the same Friday, Gigabyte resumed normal internal activities. The production of computers and components such as graphics cards and cards, sales and day-to-day activities have not been affected, according to the company.

The cyber attack is the work of the cybercriminal group RansomEXX, specialized in ransomware, which would have allowed its authors to obtain 112GB of company data that they now threaten to publish on the Dark Web.

Source: dpa

La entrada Gigabyte suffers massive attack against its servers apareció primero en Bitfinance.

Banking entities located in China, Thailand and the United Arab Emirates, together with the Hong Kong Monetary Authority have strengthened cooperation for the creation of a cryptographic pilot plan called the Multiple Central Bank Digital Currency Bridge, as reported on Wednesday the People’s Bank of China (PBOC).

The main objective of the project will be set to evaluate the application of m-CBDC Bridge in the field of cross-border payment, international trade settlements and foreign exchange transactions.

Hong Kong-based Bank for International Settlements Innovation also joined the project, helping with the improvement of cross-border capital transfers.

This pilot plan is expected to set the stage for central banks in Asia and other regions to conduct joint research and to leverage payment capabilities.

The intention of this advance is to solve problems such as low efficiency, low transparency and high costs, the PBOC reported.

K.Villarroel

Source: spanish.xinhuanet

La entrada China teams up with Thailand and the UAE in crypto project apareció primero en Bitfinance.