Thailand is set to trial cryptocurrency payments in Phuket to offer foreign tourists a new way to pay. Announced on January 8, 2025, by Deputy Prime Minister Pichai Chunhavajira, the pilot program will function within current laws, requiring tourists to register their Bitcoin through a Thai exchange and verify their identity before making transactions. A clearinghouse will convert Bitcoin into Thai Baht for purchases. This initiative aims to enhance digital payment options in popular tourist areas, helping Thailand attract more international visitors. The program will fully comply with existing legal standards, ensuring a safe and regulated environment for digital transactions.
Thailand is set to trial cryptocurrency payments in Phuket as a pilot program aimed at providing foreign visitors with a new way to pay. This initiative was announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira on January 8, 2025, during a seminar organized by the Marketing Association of Thailand.
The pilot will follow the current legal framework, so no changes to existing laws are necessary. Tourists who wish to use cryptocurrency will need to register their Bitcoin through a Thai exchange and undergo identity verification. A clearinghouse will handle the transactions, converting Bitcoin to Thai Baht (THB) to facilitate purchases.
This program aims to enhance digital payment options in tourist hotspots like Phuket, helping Thailand remain competitive in attracting international visitors. Pichai stressed that the initiative will fully comply with existing legal standards, ensuring a smooth roll-out.
Wider Context and Precedents
Last December, Thailand’s former Prime Minister urged the government to explore cryptocurrency through sandbox trials, calling for careful study of digital assets. He pointed out the need to prepare for global digitization without risking direct government investments in cryptocurrencies. Additionally, factors like U.S. trade policies could impact global markets.
In October 2024, the CEO of Binance Thailand discussed proposed regulatory changes by the country’s Securities and Exchange Commission (SEC). These adjustments aim to broaden investment opportunities in digital assets, indicating a move towards embedding cryptocurrencies into Thailand’s financial landscape. The CEO highlighted the necessity for a clear regulatory framework to help traditional finance and digital assets coexist effectively.
With this innovative approach, Thailand takes a significant step towards integrating cryptocurrencies into mainstream tourism transactions while keeping its commitment to legal compliance and financial stability.
Tags: Thailand cryptocurrency payments, Phuket pilot program, digital transactions in Thailand, Bitcoin payments, international tourism payments.
What is the plan for cryptocurrency payments in Thailand?
Thailand wants to allow tourists to pay for goods and services using cryptocurrency. This will make it easier for visitors to use their digital coins while enjoying their trip.
Which cryptocurrencies will be accepted in Thailand?
The main cryptocurrencies that may be accepted include Bitcoin, Ethereum, and others that are popular. Specific details will be provided by local businesses as they join the program.
How will tourists know where they can pay with cryptocurrency?
Tourists will find signs at shops and services that accept cryptocurrency. Many businesses will also update their websites and social media to let customers know about this payment option.
Is it safe to pay with cryptocurrency in Thailand?
Yes, using cryptocurrency can be safe, especially if you follow good security practices. Make sure to use secure wallets and always check for trusted businesses that accept digital payments.
Will there be any fees for using cryptocurrency payments?
Some businesses might charge a small fee for cryptocurrency transactions, similar to credit card fees. It’s a good idea to ask about any extra costs before making a payment.