Thailand plans to pilot Bitcoin payments in Phuket, opening up opportunities for international tourists to use cryptocurrency.
The Deputy Prime Minister and Minister of Finance of Thailand, Mr. Pichai Chunhavajira, announced a pilot plan allowing international tourists to use Bitcoin for payments in Phuket, one of the country's top tourist destinations.
The information was presented at a seminar organized by the Thai Marketing Association on January 8. According to Nation Thailand, the program will operate within the current legal framework without the need for regulatory amendments, allowing tourists to register to use Bitcoin through exchanges in Thailand and verify their identity before transacting.
Facilitating digital transactions
The goal of the pilot program is to integrate cryptocurrency into daily transactions, facilitating the use of digital money in key tourist cities. Mr. Pichai affirmed that this initiative is in accordance with current laws and focuses on promoting digital transactions, helping Thailand maintain competitiveness and seize new business opportunities.
The payment process will involve converting Bitcoin to Thai baht through a payment center after tourists complete identity verification.
An example given by Mr. Pichai is that refugees from the Russia-Ukraine conflict may use Bitcoin to buy real estate in Thailand, overcoming challenges in converting foreign currency to baht. This demonstrates the potential of cryptocurrency in simplifying international transactions and supporting specific target groups.
This move comes after a lecture by former Thai Prime Minister Thaksin Shinawatra in December 2024, recommending that the government study cryptocurrency and experiment in a sandbox environment. Mr. Thaksin emphasized the importance of understanding digital assets to adapt to the global wave of digitization, but also advised caution in directly investing in cryptocurrency at this time.
He also mentioned the potential challenges from the upcoming administration of Donald Trump, including the possibility of imposing trade tariffs and suggesting the use of Bitcoin to pay off the U.S. national debt.
Thailand's trial of Bitcoin payments in Phuket not only reflects the growing trend of cryptocurrency acceptance worldwide but also demonstrates the government's efforts to promote innovation and adapt to the digital economy context. In agreement, Mr. Nirun Fuwattananukul, CEO of Binance Thailand, positively assessed the new regulations of the Thai Securities and Exchange Commission (SEC) on expanding the scope of investment funds into digital assets in a commentary in October 2024.
He believes this is an important step not only to legalize Bitcoin but also to build a mature ecosystem where traditional finance and digital assets coexist and develop sustainably.
