Thailand is planning to allow tourists to use crypto for payments through linked credit cards, while reforming the legal framework for digital assets to attract investment and stimulate tourism after a decline in visitor numbers, especially from China.
Allowing crypto payments, sellers still receive fiat currency
According to The Nation, the Thai Ministry of Finance is collaborating with the Central Bank (BOT) to test a crypto payment system through credit cards, in which:
Tourists will pay with crypto like Bitcoin, but
Sellers will receive Thai Baht (THB) as usual, regardless of whether the customer uses cryptocurrency.
This approach simplifies the spending experience for international guests while keeping domestic businesses from facing price volatility of digital assets.
Merging securities and digital asset laws
In addition to payment issues, the Deputy Prime Minister and Minister of Finance of Thailand, Mr. Pichai Chunhavajira, also announced plans to merge the two current laws:
Securities and Exchange Act
Emergency Decree on Digital Asset Businesses
This merger aims to enable investors to flexibly transfer capital between traditional markets and digital asset markets, aligning with modern investment trends.
Thailand had previously experimented
This move is not entirely surprising. Previously, the Thai government had:
Testing crypto payments on #Phuket , a well-known crypto tourism hub in the region.
In Huay Phueng district (Kalasin province), over 80 local businesses have accepted Bitcoin as a means of payment.
Promoting crypto payments is an effort by the government in the context of declining tourism due to the absence of Chinese tourists and a stronger baht increasing travel costs.
Crypto + Tourism: A trend across Asia
Not only Thailand, many Asian countries are actively experimenting with models that combine crypto and tourism:
Bhutan has implemented crypto payments for all tourism services, from plane tickets to street food, thanks to cooperation with #BinancePay .
Crypto connection: If this plan is successful, Thailand could become a top destination for crypto-using tourists, while opening up a new cross-border payment model for tourism-dependent economies.
Risk warning: Despite the great potential, the crypto market remains highly volatile and unstable, especially in the payment and legal fields. Users should carefully consider before using digital assets for real transactions.