Hey guys! I have interesting news for you: Thailand has started experimenting with cryptocurrencies, and Phuket Island has become the first region for testing. Tourists will now be able to pay for goods and services with bitcoins. Let's figure out what this means and how it all works.
What is the essence of the experiment?
Thailand's Deputy Prime Minister and Minister of Finance, Pichai Chunhawajira, presented a pilot program for cryptocurrency payments that is aimed at foreign tourists.
The main idea is to enable travelers to pay with bitcoins instead of cash or bank cards. This makes Thailand one of the first countries in Southeast Asia to officially test crypto payments in the tourism sector.
How does it work?
Registration on the stock exchange:
Tourists who want to use bitcoin must register on the Thai cryptocurrency exchange and undergo identity verification.
Clearing House:
To avoid problems with cryptocurrency volatility, bitcoin payments are automatically converted to Thai baht through a special system. This protects local businesses from sudden course changes.
Convenience for tourists:
Now tourists will be able to pay for food, transportation, souvenirs and other services using their crypto wallets, without having to exchange currency.
Why choose Phuket?
Phuket is one of the most popular tourist regions in Thailand, where millions of travelers come every year. This is an ideal place to test such innovations.:
A large number of foreign tourists:
Many of them are already actively using cryptocurrencies.
Business diversity:
There are many restaurants, shops, hotels and travel agencies on the island that can participate in the program.
Where did the idea come from?
Thailand already has experience using cryptocurrencies. For example, in the area of Huai Phueng (Kalasin), known as the "Bitcoin City", more than 80 shops accept crypto payments. There's even a coffee shop where they teach people how to make transactions in bitcoins.
This successful experience inspired the authorities to expand the use of cryptocurrencies at the national level, starting with the tourism industry.
Why is this necessary?
Attracting tourists:
The ability to use cryptocurrency makes Thailand more attractive to digital nomads and crypto enthusiasts.
Simplification of financial transactions:
Tourists do not need to bother with currency exchange or pay high fees for using cards.
Economic competitiveness:
Thailand strives to remain a leader in tourism, and such initiatives help it stand out from other destinations.
What are the risks?
Volatility:
Although the clearing house protects local companies from exchange rate changes, tourists still risk losing money due to fluctuations in bitcoin prices.
Technical difficulties:
The new system must be convenient and reliable so that users do not encounter problems when paying.
What will happen next?
If the Phuket program is successful, it may be expanded to other regions of the country. Thailand is gradually becoming a pioneer in integrating cryptocurrencies into the real economy, and this could open up new opportunities for tourism and technology development.
So if you're going to Phuket, you might want to bring your Bitcoin wallet with you!