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.
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.
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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.
