Thai companies investing in Bitcoin mining despite central bank’s warning

January 18, 2022

Many Thai companies are splurging money on Bitcoin mining as the crypto industry is expanding in the country, according to Nikkei Asia.

This is happening despite the warnings given by the country’s Central Bank.

“Bitcoin is booming and the act of listed firms and other financial institutions starting to join Bitcoin trading and mining helps confirm that the arrival of Bitcoin and other cryptocurrencies is a trend that we should not miss,” said an analyst at Kasikorn Research Center.

Jasmine Technology Solution has spent around 3.3 billion baht buying 1,200 Bitcoin mining machines from Bitmain Technology, and plans to add another 5,100 machines this year.

Booker Group has invested 1.2 billion baht ($36 million) in a Bitcoin trading business and set aside another 70 million baht for crypto mining.

Meanwhile, the Mall Group and real estate developers Sansiri and Ananda are accepting Bitcoin as payment. This has injected more confidence in investors to put their money into crypto.

However, the Bank of England as of December 1st has clearly stated that it does not support using digital assets for payment of goods and services. The bank has also shown concern towards crypto investors who might get hit hardly by dramatic fluctuations in the market.

Thai Ministry of Finance is aiming to finalize regulations on taxing Bitcoin trading this quarter.

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