Thailand Plans Crypto Payments Pilot in Phuket for Foreign Tourists
Coinspeaker Thailand Plans Crypto Payments Pilot in Phuket for Foreign Tourists
Thailand is set to launch a pilot program that will allow foreign visitors to use cryptocurrency for payments in Phuket. This initiative aims to improve convenience and create new business opportunities.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira introduced a new project on Wednesday to test cryptocurrency as a substitute for cash in the popular tourist destination of Phuket. At a seminar organized by the Marketing Association of Thailand, Pichai revealed that the government plans to experiment with using cryptocurrencies in tourist cities to help foreign visitors use their digital assets for transactions.
He explained that using Bitcoin could simplify large transactions, such as buying a house, for those who fled the Russia-Ukraine conflict and settled in Phuket. Pichai stated:
“For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process.”
Pichai assured citizens that the government would operate within legal boundaries, as the experiment would be conducted within the existing legal framework. He added that no changes to existing laws would be necessary since the government already has the mechanisms in place to support the project. The Deputy Prime Minister explained that the Phuket test would enable Thailand to maintain a competitive system while capitalizing on business opportunities.
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