The Thai Government Is Introducing The Blockchain To Combat Tax Evasion

The Thai government has announced plans to use blockchain technology to prevent tax fraud and illegal concealment of income. The decision was made by the head of the country’s tax administration, Ekniti Nitithanprapas, as reported a few days ago by the Bangkok Post.

Blockchain technologies continue to find applications in various industries and in the public administration sector. According to Ekniti Nitithanprapas, Distributed Ledger Technologies can be used to improve the tax collection system in Thailand.

The system assumes the use of artificial intelligence, and with the help of the blockchain will be verified transactions, which will significantly speed up the process. Also, machine learning will help to fight tax evasion and track the movement of funds in a more transparent way.

The Thai government has shown itself to be open to new technologies, like blockchain and virtual currencies, unlike the governments of India and China, where strict prohibitive measures against innovative technologies have been introduced. In January, the regulator of Thailand recognized that trading bitcoin futures is legal, and in mid-May, the decree of the king of Thailand on the regulation of operations with digital assets came into force.

In June, Thailand legalized 7 crypto-currencies and introduced crypto-regulation, and in mid-August, the Thai Securities and Exchange Commission approved applications for a license to seven crypto-currency companies.

At the same time, in October, the Securities and Exchange Commission of Thailand warned about nine tokens and ICO, which do not meet the requirements of regulation and have not been approved by the authorities of the country. The regulator called on everyone to take into account the “high investment risks” associated with unapproved projects, including OneCoin, OFC Coin and Every Coin.

The post The Thai Government Is Introducing The Blockchain To Combat Tax Evasion appeared first on Bitcoin News.

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