Thailand to Launch Bitcoin Pilot Program in Phuket
Thailand is set to introduce a pilot program in Phuket, one of its most popular tourist destinations, allowing visitors to use Bitcoin for transactions. The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, aims to streamline digital payments and provide foreign tourists with an alternative payment option.
Trial to Begin in 2025
The pilot program is scheduled to commence in 2025, with the government emphasizing that it will operate within existing legal frameworks. According to Pichai, no changes to current laws are required, as the necessary mechanisms are already in place. The trial in Phuket will enable Thailand to stay competitive and capitalize on business opportunities.
Driving Factors Behind the Initiative
The growing popularity of cryptocurrencies among foreign tourists and their increasing value have driven the project. Bitcoin, in particular, has gained significant attention, with a limited supply of 21 million coins and a valuation of over $2 trillion. The high demand for Bitcoin has prompted the Thai government to explore its potential as a payment option for tourists.
Conclusion
Thailand’s decision to launch a Bitcoin pilot program in Phuket marks a significant step towards embracing cryptocurrency payments. By providing foreign tourists with an alternative payment option, the government aims to enhance the tourist experience and stay competitive in the global market. As the pilot program progresses, it will be interesting to see how Thailand navigates the opportunities and challenges presented by cryptocurrency adoption.
Source: Coinpedia.org
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