Thailand's revenue department is testing the blockchain to track value added tax (VAT) payments, a report on the English-language media reports by Bangkok Post (BP) on December 3rd.
Ekniti Nitithanprapas, director general of the Thai revenue department, said the department "wants to use blockchain technology to prevent VAT refund fraud". According to BP, the nation is "on the road to becoming the first country to use the distributed ledger" for tax probes if technology is adopted. "
The article quoted Nitithanprapas explaining that "the blockchain should help to verify VAT invoices" and "eradicate false invoices for VAT declarations", defining as "priority" the adoption of new technologies ".
Thailand's revenue department also "took into consideration the adoption of machine learning and the use of artificial intelligence to learn and study tax fraud" to "force more people to enter the official tax system ".
As Cointelegraph recently reported, the deputy secretary of the Thai Securities and Exchanges Commission recently said that Thailand-based security tokens (STOs) would breach laws if they were released on international markets.
Tipsuda Thavaramara, the aforementioned deputy, explained that the regulator has not yet decided "how to deal with the STO". In addition, Thailand also plans to legalize the Initial Coin Offerings (ICO), also authorizing cryptographic exchanges and legitimizing cryptocurrency through regulation.