Despite of the fact that Thailand’s central bank banned all financial institutions from getting involved in cryptocurrency transactions for fear of possible problems from the unregulated trading, it’s quite optimistic regarding the blockchain future.
Thus, according to the recent article by Bangkok Post, Thailand’s Revenue Department is developing its own blockchain-based system to track value-added tax (VAT) payments.
As it states, the head of the Thai Revenue Department, Ekniti Nitithanprapas, shared his opinion that the department would use blockchain tech in order to “prevent VAT refund fraud.”
According to Nitithanprapas, in order to prevent tax evasion and scam, the Revenue Department has set its sights on adopting big data and using AI to study tax-cheating practices to efficiently examine.
It seems, that Thailand is serious not only about its blockchain-based tax surveillance system, but also the launching of government-based digital currency (CBDC) as a means of payment among financial institutions in the country.
Earlier, iHodl reported that the Revenue Department of the Ministry of Finance of Thailand was planning to use blockchain to combat tax evasion. Now we can say for sure, Thailand is definitely participating in the blockchain rally.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.