Thailand Unlocks Crypto Payments for Tourists Without Impacting Local Currency
Thailand is stepping into the crypto spotlight, with fresh plans to let tourists spend cryptocurrencies during their visit, all while pushing forward a regulatory revamp of its financial sector. As per the local media report, Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the country’s bold new direction at a May 26 investment seminar in Bangkok.
The best part of this plan is that it will not impact the local currency, and no one knows that the user paid in crypto. It’s indeed a great initiative since many foreign nationals were in favour of this innovative move.
Crypto Spending Without the Hassle
Thailand, to attract tourists, will soon allow them to link their crypto holdings to credit card platforms for seamless spending. In this model, users pay in crypto, but merchants receive Thai baht, often without knowing crypto was used. This clever setup minimizes risks to the domestic currency and could be rolled out quickly, pending infrastructure and regulatory readiness.
Sweeping Financial Reforms Coming
Alongside the crypto tourism push, Thailand is reviewing outdated laws that separate the traditional capital markets and digital assets. Pichai emphasized the need for a unified legal framework and fewer restrictions on institutional investors like life insurers, who are currently limited to low-risk government bonds. Upcoming reforms may let them invest more freely in equities and private assets.