Thailand Embraces Cryptocurrency for Foreign Tourists in Phuket

Thailand is set to embark on an innovative pilot program allowing foreign tourists to use cryptocurrency for payments in Phuket.

Announced by Deputy Prime Minister Pichai Chunhavajira, the initiative aims to make digital payments easier and quicker for tourists while boosting the nation’s competitiveness in the tourism sector.

A Step Towards Digital Innovation

The pilot project, which will operate within Thailand’s existing legal frameworks, includes identity verification through local exchanges and a clearing house to convert Bitcoin into Thai baht for merchants.

Pichai emphasized the program’s compliance with current regulations, ensuring no legal amendments are necessary2. “We won’t do anything that is illegal,” he stated, adding that the trial is expected to capitalize on the growing global adoption and value of cryptocurrencies.

THAILAND SET TO TRY CRYPTO PAYMENTS IN PHUKET FOR FOREIGN TOURISTS

– Thailand looks set to integrate crypto payments into the Phuket region. The nation plans to offer foreign tourists the chance to utilize digital currencies for payments.

– The country's Deputy Prime Minister,… https://t.co/Lx3Y8Ni2nk pic.twitter.com/U7dzItecXb

— BSCN (@BSCNews) January 8, 2025

Phuket: The Ideal Testing Ground

Phuket, a popular tourist destination, has been chosen for this pilot due to its vibrant tourism sector and international appeal.

The project reflects Thailand’s efforts to attract crypto-savvy travelers and streamline processes for transactions such as real estate purchases.

According to The Nation, using Bitcoin for transactions could simplify processes for individuals displaced by the Russia-Ukraine conflict who are residing in Phuket.

Growing Crypto Community in Thailand

Despite the growing appeal of cryptocurrency, safety concerns remain. Earlier this week, Thai police pursued two Russian suspects following a violent robbery in Phuket that stemmed from a cryptocurrency-related dispute.

However, Thailand already has a small but active crypto community. In Kalasin’s Huay Phueng district, a self-proclaimed “Bitcoin town” has emerged, with over 80 locals accepting Satoshi payments via the Bitcoin Lightning app.

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