Thailand is poised to introduce a pilot program in 2025, allowing tourists in Phuket to utilize Bitcoin for transactions, thereby facilitating digital payments. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced this initiative, which aims to offer foreign visitors an alternative method of payment. Speaking at a seminar hosted by the Marketing Association of Thailand, he emphasized that the trial would be conducted within the country’s existing legal frameworks without requiring any new legislation.
The program seeks to integrate digital currency into daily transactions in tourism-centric locations. Tourists will be able to register their Bitcoin via a Thai exchange, verifying their identities before making purchases. The government assures that these procedures align with Thailand’s legal standards and do not involve any illegal activities. To ensure smooth transactions, a clearinghouse will convert Bitcoin payments into Thai baht.
Highlighting the utility of such a system, Pichai mentioned scenarios where refugees from conflicts like the Russia-Ukraine war could use Bitcoin as an avenue to acquire property in Thailand without the hurdles typically associated with obtaining Thai baht.
The pilot program aligns with recent discussions and opinions calling for Thailand to delve deeper into cryptocurrency and bolster its digital asset landscape. The former Thai Prime Minister Thaksin Shinawatra had previously encouraged the government to explore cryptocurrencies to stay competitive in the fast-paced global digitization movement, while cautioning against immediate acquisitions of digital currencies.
Additionally, Nirun Fuwattananukul, CEO of Binance Thailand, has noted a regulatory transition in the country. The Securities and Exchange Commission of Thailand has proposed measures expanding the investment scope in digital assets. This move, he argues, signifies an attempt not only to legitimize Bitcoin but also to develop a cohesive ecosystem where cryptocurrency and traditional finance coexist.
