Coinspeaker Thailand Plans Crypto Payments Pilot in Phuket for Foreign Tourists
Thailand is set to launch a pilot program that will allow foreign visitors to use cryptocurrency for payments in Phuket. This initiative aims to improve convenience and create new business opportunities.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira introduced a new project on Wednesday to test cryptocurrency as a substitute for cash in the popular tourist destination of Phuket. At a seminar organized by the Marketing Association of Thailand, Pichai revealed that the government plans to experiment with using cryptocurrencies in tourist cities to help foreign visitors use their digital assets for transactions.
He explained that using Bitcoin could simplify large transactions, such as buying a house, for those who fled the Russia-Ukraine conflict and settled in Phuket. Pichai stated:
“For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process.”
Pichai assured citizens that the government would operate within legal boundaries, as the experiment would be conducted within the existing legal framework. He added that no changes to existing laws would be necessary since the government already has the mechanisms in place to support the project. The Deputy Prime Minister explained that the Phuket test would enable Thailand to maintain a competitive system while capitalizing on business opportunities.
Bitcoin Adoption in Phuket Tied to Housing and Tourism
According to the Deputy Prime Minister, the initiative was sparked by the growing popularity of cryptocurrency among foreign tourists and its rising value. He cited Bitcoin as an example, noting its limited supply of 21 million coins, collective worth of over $2 trillion, and strong demand.
Foreign visitors participating in the testing phase will be able to register their Bitcoin through a Thai exchange and verify their identities before making transactions. A clearing house will then convert the BTC $94 736 24h volatility: 2.3% Market cap: $1.88 T Vol. 24h: $67.98 B into Thai baht.
A community in Thailand has already embraced Bitcoin for everyday transactions, even as the government begins its digital asset trial. This community, located in Kalasin’s Huay Phueng district, is known among crypto enthusiasts as Thailand’s Bitcoin town. A young crypto advocate in the village has encouraged more than 80 locals to accept Satoshi via the Bitcoin Lightning app, enabling cashless transactions between villagers and tourists.
While cryptocurrency’s appeal continues to grow, security remains a pressing issue. Recently, Thai police pursued two Russian suspects after a robbery in Phuket stemming from a crypto-related dispute. The suspects are accused of assaulting and robbing a Russian man of $20,000 over an unpaid crypto debt.
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Thailand Plans Crypto Payments Pilot in Phuket for Foreign Tourists
