Bitkub CEO backs Phuket Sandbox for stablecoin pilot

 

Jirayut (Topp) Srupsrisopa, founder and group CEO of Bitkub Capital Group Holdings, has expressed strong support for the government's plan to pilot a stablecoin for spending in the Phuket Sandbox. 

 

He believes that embracing cryptocurrency can significantly boost the Thai economy by attracting investment from the global crypto market, currently valued at more than US$4 trillion.

 

Speaking to Thansettakij news, Jirayut praised the Ministry of Finance's initiative, highlighting the importance of visionary leadership, citing former prime minister Thaksin Shinawatra as an example. 

 

"We need to embrace intellectual humility," he said. "Be like a glass of water, always seeking new opportunities."

 

He strongly supports the Phuket Sandbox, emphasising the need to stimulate the Thai economy without increasing public debt. 

 

"Direct government spending through budget allocations or borrowing only adds to the debt burden," he said. "Leveraging the existing crypto market provides an opportunity to attract 'free money' without incurring new debt obligations."

 

 

He called for the repeal of capital gains tax on cryptocurrencies, citing the example of Dubai, which has attracted significant investment by exempting crypto gains from taxation. 

 

"No one wants to sell their crypto in the desert," he remarked. "They want to sell in beautiful places like Thailand. By removing this tax, we can encourage capital inflows."

 

Meanwhile, Jirayut highlighted the growing importance of cryptocurrencies for digital nomads. 

 

"Many online workers receive payments in crypto due to the lower transaction costs compared [with] traditional fiat currencies," he said. "If Thailand doesn't allow them to spend their crypto domestically, it misses out on a significant opportunity to boost the economy."

 

 

He emphasised that embracing cryptocurrencies can stimulate the economy at the grassroots level. 

 

"There's no need for additional deficit spending or physical stimulus measures," he said. "We can simply attract capital from the global crypto market into the Thai economy."

 

 

 

Jirayut also pointed to the potential for increased capital inflows into the Thai capital market through blockchain technology. 

 

"Fundraising through the Stock Exchange of Thailand is currently facing challenges," he said. "The crypto market offers a vast pool of global capital that can be channelled into Thai projects."

 

He concluded by expressing Bitkub's readiness to participate in the Phuket Sandbox. 

 

"With our expertise in digital assets and blockchain technology, we believe this initiative presents a significant opportunity for Thailand," he said.