KEY FACT: Thailand is set to pilot cryptocurrency payments in Phuket in 2025, allowing tourists to use Bitcoin for transactions. The initiative, announced by Deputy Prime Minister Pichai Chunhavajira, aims to streamline digital payments, attract more visitors, and integrate digital currencies into the tourism sector without altering current laws. Tourists will register Bitcoin through Thai exchanges, and a clearinghouse will convert transactions into Thai baht for seamless use.
Source: Nationthailand
Thailand to Pilot Cryptocurrency Payments in Phuket
Thailand is set to launch a pilot program in 2025 that will enable tourists to use Bitcoin for transactions in Phuket, one of its most popular tourist destinations. This initiative aims to integrate digital currency into everyday transactions, offering foreign visitors an alternative payment option and streamlining digital payments in the country.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the new initiative on January 8 at a seminar organized by the Marketing Association of Thailand. He stated that the pilot will be conducted within existing legal frameworks, with no amendments to current laws required to implement the trial. The program is designed to make digital transactions more accessible in tourism-focused cities and keep Thailand competitive globally.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira on Wednesday unveiled a project to test the use of cryptocurrency as an alternative to cash in the tourist destination of Phuket.
Phuket to pilot crypto payments for tourists! Foreign visitors may soon pay in Bitcoin for goods and services, boosting convenience and business opportunities.
Source
Under the program, tourists can register Bitcoin through a Thai exchange and verify their identities before making purchases. A clearinghouse will convert Bitcoin transactions into Thai baht, ensuring a seamless experience for tourists and local businesses. This system is expected to provide a convenient payment method for foreign visitors and potentially attract more tourists to the region.
Pichai cited the example of refugees from the Russia-Ukraine war, who could use Bitcoin to purchase property in Thailand instead of facing challenges in obtaining Thai baht. This illustrates the program's potential utility in providing financial solutions for individuals facing difficulties with traditional banking systems.
In December 2024, former Prime Minister Thaksin Shinawatra urged the Thai government to study cryptocurrencies and push for sandbox experimentation. He emphasized that Thailand should begin studying digital assets to stay ahead of the curve toward global digitization but advised against the government purchasing cryptocurrencies. Shinawatra also highlighted potential challenges posed by the incoming Donald Trump administration in the United States, including possible trade tariffs and Trump's suggestion of using Bitcoin to pay off US debt.
Meanwhile, Nirun Fuwattananukul, the CEO of Binance Thailand, noted that the Securities and Exchange Commission's proposed new regulations to expand the scope of funds to invest in digital assets are a push to legitimize and adopt digital assets like cryptocurrencies. He stated that the move's intention goes beyond simply legitimizing Bitcoin; it is about creating a mature ecosystem where traditional finance and digital assets coexist.
This pilot program in Phuket represents a significant step toward integrating digital currencies into Thailand's economy. Thailand is positioning itself as a forward-thinking nation embracing the future of digital finance by providing tourists with the option to use Bitcoin for transactions. If successful, this initiative could pave the way for wider adoption of cryptocurrencies in other parts of the country and potentially influence similar movements in other nations.
The Thai government's proactive approach to exploring digital currencies shows the government's recognition of the growing importance of digital assets in the global economy. Thailand aims to enhance its appeal as a tourist destination, provide convenient payment options for visitors, and stay competitive in an increasingly digital world by implementing this pilot program.
Thailand's pilot program in Phuket could serve as a model for other countries considering the integration of cryptocurrencies into their economies. The outcomes of this initiative will be closely watched by policymakers, businesses, and tourists alike, as they may have far-reaching implications for the future of digital payments worldwide.
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