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Thailand's Biggest Film Theatre Chain Welcomes Bitcoin

Cryptocurrency Broker - Tyler

Major Cineplex Group, Thailand's biggest movie theatre operator, has recently made it possible for some of its consumers to buy cryptocurrency, including Bitcoin (BTC), and spend it on tickets.

As per the local news agency Siam Rath's Thursday story and later covered by Cointelegraph, Major Cineplex confirmed the start of its cryptocurrency payment pilot project in pursuit of creativity and emerging technology. To open the latest payment option, they announced a partnership with the local cryptocurrency exchanges Zipmex and the virtual payment startup RapidZ.

Major Cineplex unveiled a new function at Bangkok's Major Cineplex Ratchayothin Film Theatre on March 4, enabling customers to purchase tickets to buy Bitcoin and other crypto through RapidZ by scanning the QR code. Major Cineplex plans the pilot to expand to 39 more of his film theatres around Bangkok by the end of 2021.

Evidently, the news represents the first time in history that the Thai film theatre has approved crypto as a payment option.

Narut Jiansanong, spokesman for Major Cineplex, said the current campaign aims to target more consumers who invest in cryptocurrency. He stated Thailand is now believed to be up to 1 million Bitcoin holders, responsible for 2% of the country's overall adult population.

In mid-February, the Securities and Exchange Commission of Thailand agreed to introduce strict conditions for people wanting to buy crypto, reportedly stating that applicants will require an annual income of at least $33,250. Eventually, the authority seemed to back off some of its initial criteria arguing that its original recommendations were meant to assess market opinion.

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