The government of Thailand has chosen to improve its financial sector by adopting blockchain technology, local news outlet, Xinhuanet reported Nov. 13.
The Thai Finance Ministry, as per the report, announced that beginning from November 28, major finance agencies in the country, namely, The Revenue Department and Customs Department would adopt blockchain technology and artificial intelligence.
Finance Minister Uttama Savanayana further explained that by the end of the year, “these finance agencies under the ministry will begin to streamline work processes utilizing innovative technology to target time efficiency and eventually eliminate papers piling up at work.”
Using blockchain, the agencies can inspect value-added tax (VAT) refunds, as well as other information associated with it.
The two departments are expected to work together with Thailand-based Krung Thai Bank, to provide the VAT Refunds for Tourists (VRT) through a blockchain-based mobile application dubbed VRT Blockchain said Uttama.
The idea is to speed up the process and reduce fraud, as the finance minister noted that over two million foreign tourists usually apply for tax refunds every year. Additionally, the blockchain will enable the tax-collecting agencies to augment its efficiency in working process and inspection, while also facilitating data management involving budget procurement and bond issuance.
Moving to the state of cryptocurrencies in Thailand, Coinfomania reported that the regulators want to amend the laws governing digital currencies in the country due to money laundering issues.
According to Pol Maj Gen Preecha Charoensahayanon, the acting Secretary-general of the Thailand Anti-Money Laundering Office (AMLO), cryptos might be used for illicit activities, if the existing laws are not amended.
On October 11, Thailand’s Securities and Exchange Commission (SEC) approved SE Digital, as the first Initial Coin Offering (ICO) operator in the country.
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