A cinema in Thailand has started accepting Bitcoin as its payment option. The government has stepped up the move to promote the use of cryptocurrencies as an acceptable means of payment in the country and as a store of value. As a result, many cinemas in the country have started accepting Bitcoin. Likewise, the Thai SEC has thrown its weight behind the use of cryptocurrencies. One of the major cinemas is Major Cineplex Group.
The cinema has integrated a digital payment solution to allow its clients to pay using Bitcoin. This development comes as some of the big movie theatre groups have supported adding cryptocurrencies as payment options. The initiative has commenced in Bangkok, the Thailand capital, as some customers of Major Cineplex have been able to pay using Bitcoin
The Number of Companies Accepting Cryptocurrencies to Grow
More cinemas have shown interest in accepting Bitcoin after Cineplex’s move. About 40 more movie theatres are expected to do the same before the end of the year. The decision taken by Cinoplex Group is coming at the same time that the government is promoting the use of cryptocurrencies. The Thailand tourism industry is expecting more tourist from Japan because Japan is ranked among the top 10 crypto users worldwide. The TAT governor, in a statement, says the government has started creating an enabling environment for the crypto industry to thrive in Thailand and attract wealthy tourists coming from anywhere in the world.
Meanwhile, crypto fans have not been finding it easy to hold and transact with cryptocurrencies. Last week, crypto enthusiasts rallied against the earlier government’s decision to pass a regulation meant to prevent the masses from holding or transacting in cryptocurrencies. The financial regulator said it needed to protect consumers, especially low and middle-income citizens, from the volatility associated with the crypto market. So, it decided to restrict the investment in digital assets to only wealthy individuals.
Thai SEC Withdraws its Restrictions on Trading Cryptocurrencies
Following the outrage that greeted the decision of Thailand’s SEC to restrict investing in cryptocurrencies to only wealthy people worth at least $33,000, the regulator has rescinded its decision. Now, any intending investor must have acquired at least two years of experience to trade cryptocurrencies. Likewise, the person must be worth up to $32K of personal income, $325K net worth, or $5 million in the investment portfolio. Meanwhile, the regulator has acquiesced to people’s demand to withdraw the stringent conditions placed on cryptocurrency trading.
Recently, Thailand has been unable to attract the expected cash-paying tourists due to its stringent conditions on visa requirements and prolonged quarantine measures which are still in force. But now, the country has softened its stance. The government has expressed its decision to stop the unnecessary delay of travelers who were already vaccinated.
Likewise, the government has shifted focus from cash payers and decided to attract crypto-paying investors.Now, the regulators have started persuading local hotels to accept crypto payment. Although big businesses have rejected the move, the growing number of crypto users has forced them to accept digital assets.