Thailand pilots crypto payments for tourists in Phuket

Thailand is launching a pilot program that will allow foreign tourists to use cryptocurrency for payments in Phuket.

The initiative, announced by Deputy Prime Minister Pichai Chunhavajira, aims to increase the country’s competitiveness in the tourism sector while making digital payments easier and faster for tourists.

According to The Nation, the project, which will operate within Thailand’s existing legal frameworks, includes authentication through local exchanges and a clearinghouse that will convert Bitcoin (BTC) into Thai baht for traders.

Speaking at a seminar organized by the Marketing Association of Thailand, Pichai emphasized that the program complies with current regulations and there is no need for any legal changes.

“We won’t do anything illegal,” he said, adding that the trial is expected to benefit from the growing global adoption and value of cryptocurrencies.

Thailand’s appeal to crypto travelers

The pilot project reflects Thailand’s efforts to attract crypto-savvy travelers. Phuket, in particular, has become a hub for foreign nationals, including those displaced by the Russia-Ukraine conflict, according to The Nation.

Pichai emphasized that using Bitcoin in transactions such as purchasing real estate can facilitate the processes for these people.

Crypto exchange Binance has begun focusing on Thailand as a key market in its global expansion efforts, citing the country’s crypto-friendly regulations. The exchange believes that Thailand’s regulatory openness is a crucial factor in its mission to bring crypto into the mainstream.

Despite the growing appeal of cryptocurrency, security concerns remain. Earlier this week, Thai police tracked down two Russian suspects after a violent robbery in Phuket stemming from a dispute over cryptocurrency.

The suspects allegedly attacked a 31-year-old Russian man and stole $20,000 over an unresolved crypto debt.

Thailand already has a small but active crypto community. A self-proclaimed “Bitcoin town” has emerged in the Huay Phueng district of Kalasin, where more than 80 locals accept Satoshi payments via the Bitcoin Lightning app.