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Tuesday, May 2, 2017

Bitcoin Adoption in Thailand Led by Tourism Industry

Bitcoin Adoption in Thailand Led by Tourism Industry

The Bitcoin scaling debate affects some businesses more than others, but few real-world businesses have the volume to watch Bitcoin’s momentum react to it like the tourist hotspot, the Pattaya Beer Garden. Bitcoin.com discussed adoption trends in Thailand with Peter Noid, the proprietor of this large and popular restaurant and bar located in Pattaya, a resort city south-east of Bangkok.

With seating for 400 and “around 2,000 visitors a day,” the Pattaya Beer Garden started accepting bitcoin in early 2014 when the Thai government first eased Bitcoin Adoption in Thailand Led by Tourism Industry, but Held Back by Scaling Debateits stance on Bitcoin’s legality. “I was an early Bitcoin supporter,” Noid told Bitcoin.com. “We started accepting it as soon as the Thai government said it was not illegal to do so.”

In 2013, the Thai central bank declared the use of bitcoin illegal in Thailand, but changed its opinion in early 2014 to make it not illegal. However, buying bitcoin in Thailand and then selling it outside the country was still strictly prohibited, Noid explained. The revised stance “enabled us to begin accepting bitcoin,” he recalled. While there is currently no official law governing Bitcoin in the country, the central bank’s opinion is revered, and early adopters there have had to tread lightly.

Full story at http://bit.ly/2pjeOgW

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