Thailand to Trial Crypto Payments in Phuket

Thailand is set to introduce a cryptocurrency payment trial in Phuket, one of the nation's top tourist spots, providing international visitors with an alternative payment method.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the initiative on 8 January during a seminar hosted by the Marketing Association of Thailand.

Pichai confirmed the pilot would operate within the country's existing legal frameworks, requiring no legislative changes.

The programme is designed to integrate digital currencies into daily transactions, enabling tourists to register their Bitcoin through a Thai exchange and verify their identities before making purchases.

Making Digital Transactions Friendlier

Pichai emphasized that the initiative will align with Thailand's current legal framework, ensuring no illegal activities are involved.

He explained that the programme's goal is to enhance accessibility to digital transactions in tourism-centric cities and to keep Thailand competitive in a rapidly evolving global market.

Foreign tourists will be required to verify their identities before using cryptocurrencies for purchases, with a clearinghouse converting Bitcoin transactions into Thai baht.

To demonstrate the programme's practical value, Pichai pointed to the example of refugees from the Russia-Ukraine conflict, who could use BTC to acquire property in Thailand, bypassing the challenges of converting currency:

“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.”

He highlighted that the Phuket trial will help Thailand leverage business opportunities while maintaining a competitive edge.

Phuket Leverages Bitcoin to Transform Housing and Tourism

The initiative was driven by the increasing popularity of cryptocurrency among foreign tourists and the growing value of digital assets, according to the Deputy Prime Minister.

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He highlighted Bitcoin as a prime example, noting its finite supply of 21 million coins, a market value exceeding $2 trillion, and its substantial demand.

During the pilot phase, foreign tourists will register their Bitcoin on a Thai exchange, verify their identities, and use the currency for transactions.

A clearinghouse will convert the Bitcoin into Thai baht.

Additionally, Thailand's Bitcoin community, particularly in Kalasin's Huay Phueng district—often referred to as Bitcoin town—has already embraced the currency for daily transactions.

A local crypto advocate has encouraged over 80 villagers to accept Bitcoin through the Lightning app, facilitating seamless, cashless exchanges between residents and visitors.