Thailand Pilots Cryptocurrency Payments in Phuket

Thailand decided to take a leap forward by testing cryptocurrency payments for tourists in Phuket.

Azcnews Thailand Pilots Cryptocurrency Payments In Phuket

Thailand is planning to test cryptocurrency payments in Phuket, one of the country’s most popular tourist destinations, as part of a pilot program aimed at providing international visitors with an alternative payment option.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the new initiative on January 8 at a seminar organized by the Thai Marketing Association, according to the Nation Thailand newspaper.

Pichai said the pilot program will be conducted within the framework of existing laws without any amendments to regulations.

The program aims to integrate digital currencies into everyday transactions, allowing visitors to register for Bitcoin through a Thai exchange and verify their identity before making purchases.

Thailand To Launch Cryptocurrency Pilot In Phuket
Thailand To Launch Cryptocurrency Pilot In Phuket

Government assurances

Pichai said the initiative will be implemented in full compliance with Thailand’s existing laws and regulations and will not include “anything illegal.”

The Deputy Prime Minister stressed that the aim of the program is to increase access to digital transactions in tourism-focused cities while remaining competitive so as not to miss out on business opportunities.

Read more: Bitcoin Declines Further as the Fed Shifts Policy

International visitors will need to verify their identity before using cryptocurrencies to pay for goods and services. A payment center will convert BTC transactions into Thai baht.

To illustrate the usefulness of the program, Mr. Pichai gave the example of refugees from the Russia-Ukraine war who can use BTC to buy real estate in Thailand instead of having to struggle to convert to Thai baht.

(2 votes)

3.5/5

(2 votes)

Latest

Crypto Trader James Wynn Loses $99 Million In A Week

News | Altcoin | Editor Choice

Crypto Trader James Wynn Loses $99 Million in a Week

Crypto trader James Wynn lost $99 million in just one week due to failed Bitcoin bets, while another trader made $17 million by taking the opposite positions.

Most Ethereum Etf Investors Deep In The Red

News | Altcoin | Editor Choice

Most Ethereum ETF Investors Deep in the Red

Most investors in BlackRock and Fidelity’s Ethereum ETFs are suffering heavy losses as Ether’s price falls well below their entry levels, amid volatility driven by former President Trump’s trade policies.

Trading Volume On Pancakeswap Reaches $138 Billion, Surpassing Uniswap

Altcoin | Editor Choice

Trading Volume on PancakeSwap Reaches $138 Billion, Surpassing Uniswap

Thanks to strong support from CZ and Binance exchange, PancakeSwap's trading volume in May reached $138 billion, far surpassing Uniswap.

Deepseek Unveils Upgraded Ai Model, Claims Performance On Par With Chatgpt And Gemini

News | AI | Editor Choice

DeepSeek Unveils Upgraded AI Model, Claims Performance on Par with ChatGPT and Gemini

DeepSeek, a leading AI company in China, has unveiled a powerful new model with advanced reasoning capabilities, claiming performance on par with ChatGPT and Gemini, further intensifying the global AI race.

Sec Officially Withdraws Lawsuit Against Binance And Cz

Editor Choice | Policy & Regulations

SEC Officially Withdraws Lawsuit Against Binance and CZ

The SEC has officially withdrawn its lawsuit against Binance and CZ, concluding the final legal actions by the SEC targeting cryptocurrency.