Thailand plans to test crypto payments in Phuket, one of the country's most famous tourist destinations, as part of a pilot program to provide foreign tourists with a new payment method.
Deputy Prime Minister and Minister of Finance – Pichai Chunhavajira, is said to have announced this new initiative on January 8 at a seminar organized by the Thai Marketing Association.
Pichai stated that the pilot program will be conducted within the existing legal framework without the need to amend laws to implement the experiment.
This program, aimed at integrating digital currency into everyday transactions, will allow tourists to register for payments in Bitcoin through Thailand's exchange and verify their identity before making purchases.
Government assurance
According to Pichai, this initiative will operate within Thailand's existing legal framework and will not involve 'anything illegal.'
The Deputy Prime Minister stated that this program aims to make digital transactions more accessible in 'tourism-focused cities' and maintain competitiveness to avoid missing business opportunities.
Foreign tourists will need to verify their identity before using cryptocurrency to pay for goods and services. The payment center will convert BTC transactions to Thai baht.
To illustrate the utility of the program, Pichai cited examples of refugees from the Russia-Ukraine war, who could use BTC to purchase real estate in Thailand without facing the challenges of earning Thai baht.
Former Prime Minister of Thailand promotes cryptocurrency
In December 2024, former Prime Minister of Thailand, Thaksin Shinawatra, gave a speech in which he called on the government to research crypto and promote sandbox experimentation.
Shinawatra stated that Thailand should begin researching digital assets to lead in global digitization but should not start buying cryptocurrency.
He also emphasized the potential challenges posed by the incoming Donald Trump administration in the United States, including trade tariffs and Trump's proposal to use BTC to pay off U.S. debt.
Binance Thailand detects changes in the crypto market
Meanwhile, Nirun Fuwattananukul, CEO of Binance Thailand, commented in October 2024 discussing the regulatory move of the Securities and Exchange Commission (SEC) of the country.
The CEO noted that new regulations proposed by the Thai SEC aimed at expanding investment funds into digital assets are a move to promote the legalization and adoption of digital assets as cryptocurrency.
Fuwattananukul stated that the purpose of this move is not merely to legalize BTC; but to create a 'mature ecosystem where traditional finance and digital assets coexist.'
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