Thailand is set to launch a new crypto payment pilot aimed at foreign tourists, starting in Phuket, the country’s popular tourist destination.
Thailand is set to launch a new crypto payment pilot aimed at foreign tourists, starting in Phuket, the country’s popular tourist destination.
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Deputy Prime Minister and Finance Minister Pichai Chunhavajira made the announcement during a seminar held by the Thai Marketing Association on Wednesday. The program will enable tourists to use digital assets like Bitcoin to pay for goods and services in select cities.
The crypto payment pilot will operate within Thailand’s existing legal framework. Tourists will need to register their Bitcoin on Thai exchanges, complete identity verification, and then use cryptocurrency for transactions. A clearinghouse will convert Bitcoin payments into Thai baht.
Pichai emphasized the initiative’s goal of increasing accessibility to digital payments in tourism-driven cities while ensuring that Thailand remains competitive in the global market.
He noted that this move also aligns with efforts to attract crypto-savvy travellers, including those displaced by conflicts such as the Russia-Ukraine war, who could benefit from using Bitcoin for property purchases without facing the challenges of converting to Thai baht.
The crypto payment pilot follows a suggestion from former Prime Minister Thaksin Shinawatra, who urged the government to explore cryptocurrency opportunities and continue experimenting with regulatory frameworks.
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