Bitcoin adoption is on the rise and flagship cryptocurrency is now being accepted by millions of merchants all over the globe. The latest to introduce bitcoin payments is Thailand’s largest operator of movie theatres, Major Cineplex Group. Per recent reports, customers will now be able to buy tickets with cryptocurrencies like Bitcoin (BTC).
According to local news agency Siam Rath, Major Cineplex has launched a cryptocurrency payment pilot project in a bid to support innovation and new technologies. The company has introduced this in collaboration with local crypto exchange Zipmex and lo digital payment start-up RapidZ.
The cryptocurrency feature has already been debuted at Bangkok’s Major Cineplex Ratchayothin movie theatre on March 4. Customers were able to purchase movie tickets using Bitcoin via RapidZ by simply scanning a QR code.
Following a successful launch, Major Cineplex now plans to extend this feature to 39 more of its movie theatres spread throughout Bangkok by the end of this year. With this launch, Major Cineplex also became the first Thai movie theatre to accept cryptocurrency payments.
Narut Jiansanong, a spokesperson for Major Cineplex, has added that the move is expected to attract crypto-savvy customers that are in touch with the digital currency trend. He highlighted that Thailand is now home to approximately 1 million Bitcoin holders, accounting for 2% of the country’s total adult population.
Meanwhile, Thai regulators are looking to tighten their rules surrounding cryptocurrencies with the introduction of some newly proposed qualifications for cryptocurrency investors that introduce certain income and trading experience requirements.
The regulator wants to set limits on cryptocurrency trading and local crypto investors would be required to possess net assets worth at least 10 million baht ($332,500), along with an annual income of 1 million baht ($33,250).
However, According to a report from the Bangkok Post, the Thailand SEC has seemingly backtracked on its plans set out in the draft laws after heavy public backlash. Thailand’s SEC secretary-general Ruenvadee Suwanmongkol said the regulator could still modify some particulars of the proposed legislation.
“I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented,” she said.