Thailand joins the Blockchain race for the ministry of revenue

thailand adopts blockchain for crypto

Thai Government decided to take a small step towards the implementation of Blockchain technology in its government. Recently the tax sector expressed its plans about managing the taxes paid by citizens using Blockchain.

The Director-General (DG) of Revenue Department revealed that the technology would be implemented in order to track and verify the authenticity of the tax records. This will, in turn, increase the efficiency of the tax refund process.

Moreover, as the government plans to initiate a program to allow citizens to pay taxes digitally, this technology will play a key role in enabling a secure and reliable verification of taxes.

However, the DG did not elucidate as to when the technology will be implemented in the system. The first government sector to take a leap towards blockchain was the Ministry of Commerce which stated to experiment with blockchain applying it for solving the problems in the field of copyright, agriculture and trade finance.

An official from the ministry stated that blockchain has many applications, ranging from verifying IDs all the way to manage security.

Furthermore, many banks in Thailand have already implemented blockchain technology to provide users with easy solutions accessible from anywhere. Many more industries are looking into the technology.

As blockchain technology continues to evolve and improve many more industries and even governments will continue to implement the services where they see fit. However, when and what solutions the Revenue Ministry wants to implement are unknown, while the members of the crypto-sphere believe the sooner it happens, the better.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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