Thailand is launching a new pilot program allowing foreign tourists to use cryptocurrency for payments in Phuket, aiming to facilitate and speed up digital transactions.
The Initiative and Its Goals
Deputy Prime Minister Pichai Chunhavajira announced the initiative aiming to simplify digital payments for tourists. According to The Nation, the project will operate within Thailand’s existing legal frameworks, including identity verification through local exchanges and a system to convert Bitcoin into Thai baht. Pichai emphasized the program's compliance with current regulations at a seminar organized by the Marketing Association of Thailand.
Attracting Crypto Travelers
The project reflects Thailand's effort to draw in crypto-savvy travelers. Phuket, in particular, has become a hub for foreign nationals. Pichai noted that using Bitcoin for transactions, such as real estate purchases, could streamline processes for these individuals. Crypto exchange Binance has also started to focus on Thailand as a key market in its global expansion efforts, seeing the country’s regulatory openness as a crucial aspect.
Security Concerns and the Crypto Community
Despite the growing appeal of cryptocurrency, security concerns persist. Earlier this week, Thai police pursued two Russian suspects in connection with a violent robbery related to a cryptocurrency dispute in Phuket. Thailand’s small yet active crypto community in Kalasin also reflects the increasing interest. In the Huay Phueng district, over 80 locals accept Satoshi payments via the Bitcoin Lightning app.
The pilot program in Thailand could become a turning point for the country's tourism sector, offering new opportunities for cryptocurrency use and enhancing market competitiveness. However, security issues remain a pressing concern.
