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In 2025, Thai officials intend to initiate a pilot program in Phuket, allowing tourists to utilize Bitcoin and other cryptocurrencies for purchasing goods and services.
According to Nation Thailand, Deputy Prime Minister Pichai Chunhavajira stated that visitors to Phuket will be able to use BTC for everyday transactions.
During a seminar hosted by the Marketing Association of Thailand, Pichai mentioned that the government’s strategy is to trial cryptocurrency payments in tourism-focused cities to facilitate the use of digital assets for international visitors.
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Tourists participating in the pilot program will need to undergo a KYC process and register their crypto-assets on a local trading platform prior to utilizing them in the domestic market. A clearinghouse will automatically convert BTC into Thai baht at the point of payment.
“Cryptocurrency is very convenient for travel and other activities requiring international payments as it is intangible and highly liquid,” remarked Max Krupyshev, CEO of CryptoProcessing by CoinsPaid, during the Goal Driven FinTech podcast.
The pilot initiative for cryptocurrency payments is set to commence in Phuket in 2025. According to Pichai Chunhavajira, the program will adhere to existing legal frameworks and will not necessitate changes to current laws. He also highlighted that a small group of crypto experts in Thailand already incorporate digital assets into their daily routines. Despite various government efforts to integrate digital assets still being in their initial stages, the adoption of crypto continues to progress.
In late October 2024, the Bank of Thailand became part of the global Project Ensemble initiative aimed at promoting tokenization. Additionally, in 2024, the central bank completed a pilot project for a retail CBDC and initiated a program to distribute 10,000 digital baht to 45 million Thai citizens as a one-time payment.
Сообщение Thailand to Check Crypto Funds in Tourism Sector появились сначала на CoinsPaid Media.
