Thailand is set to trial crypto payments for tourists, with Phuket leading the initiative later this year, according to The Nation.
The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, aims to allow foreign visitors to make payments using Bitcoin and other digital currencies, offering a seamless alternative to cash transactions.
Speaking at a seminar hosted by the Marketing Association of Thailand, Pichai outlined the government’s plan to experiment with cryptocurrency in tourism-heavy locations like Phuket.
The trial will focus on enabling tourists to use their digital assets while adhering to the country’s existing legal frameworks.
According to Pichai, there is no need to amend current laws, as the mechanisms to support such transactions are already in place.
The project is part of a broader strategy to attract cryptocurrency-savvy travelers and ensure Thailand remains a competitive destination in the global tourism market.
Visitors participating in the pilot could be required to register their Bitcoin holdings through a licensed Thai exchange and verify their identities before using the cryptocurrency for purchases.
Transactions would then be converted into Thai baht via a clearing house, simplifying the process for merchants and customers alike.
Pichai highlighted the growing global acceptance of Bitcoin, pointing to its capped supply of 21 million coins and market valuation exceeding US$2 trillion.
He suggested that cryptocurrency could address specific challenges faced by some expatriates, such as facilitating large transactions like property purchases in Phuket.
This pilot project reflects Thailand’s commitment to leveraging emerging technologies to boost its tourism and economic sectors.
If successful, it could pave the way for broader adoption of digital currencies across the nation.
Featured image credit: Edited from Freepik
