Thailand is set to pilot cryptocurrency payments for tourists, with Phuket expected to lead the effort later this year, according to reports. nation.
The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhabajra, aims to allow foreign tourists to pay using Bitcoin and other digital currencies, providing a seamless alternative to cash transactions. It is said that
Speaking at a seminar organized by the Thailand Marketing Association, Pichai outlined the government’s plans to experiment with cryptocurrencies in tourist hotspots like Phuket.
The trial will focus on enabling tourists to use digital assets while complying with the country’s existing legal framework.
Pichai said there is no need to change current laws because the mechanisms to support such transactions are already in place.
The project is part of a broader strategy to attract crypto-savvy travelers and ensure Thailand remains a competitive destination in the global tourism market.
Visitors participating in the pilot may be required to register their Bitcoin holdings through a licensed Thai exchange and verify their identity before using the cryptocurrency for purchases.
Transactions are then converted to Thai Baht via a clearinghouse, simplifying the process for sellers and customers alike.
Pichai highlighted the growing global acceptance of Bitcoin, noting that Bitcoin has a supply cap of 21 million coins and a market valuation of over US$2 trillion.
He suggested that cryptocurrencies could address certain challenges faced by some expatriates, such as facilitating large-scale transactions such as buying property 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 widespread adoption of digital currencies across the country.
Featured image credit: Edited from freepic
