Thailand plans to trial cryptocurrency payments in Phuket, one of its most popular tourist destinations, as part of a pilot program offering foreign visitors an alternative payment option.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira reportedly announced the new initiative on Jan. 8 at a seminar organized by the Marketing Association of Thailand, according to Nation Thailand.
Pichai said the pilot will be conducted within existing legal frameworks with no amendments to current laws required to implement the trial.
The program, aimed at integrating digital currency into everyday transactions, will allow tourists to register Bitcoin (BTC) through a Thai exchange and verify their identities before making purchases.
Government assurances
According to Pichai, the initiative will operate within Thailand’s existing legal framework and will not feature “anything that is illegal.”
The deputy prime minister said that the program aims to make digital transactions more accessible in “tourism-focused cities” and to remain competitive to avoid missing out on business opportunities.
Foreign tourists will need to verify their identities before using cryptocurrencies to pay for goods and services. A clearinghouse will convert BTC transactions into Thai baht.
To illustrate the program’s utility, Pichai cited the example of refugees from the Russia-Ukraine war, who could use BTC to purchase property in Thailand instead of facing challenges in obtaining Thai baht.
Former Thailand PM crypto push
In December 2024, the former Prime Minister of Thailand, Thaksin Shinawatra, gave a lecture in which he urged the Thai government to study cryptocurrencies and push for sandbox experimentation.
Shinawatra said Thailand should begin studying digital assets to keep ahead of the curve toward global digitization but not begin buying cryptocurrencies.
He also highlighted potential challenges posed by the incoming Donald Trump administration in the United States, including possible trade tariffs and Trump’s suggestion of using BTC to pay off US debt.
Binance Thailand spots crypto market shift
Meanwhile, Nirun Fuwattananukul, the CEO of Binance Thailand, wrote an opinion piece in October 2024 discussing the regulatory move by the country’s Securities and Exchange Commission.
The CEO noted that the SEC of Thailand’s proposed new regulations to expand the scope of funds to invest in digital assets is a push for legitimizing and adopting digital assets like cryptocurrencies.
Fuwattananukul said the move’s intention goes beyond simply legitimizing BTC; it is about creating a “mature ecosystem where traditional finance and digital assets coexist.”
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