Thailand to pilot cryptocurrency payments for tourists

Thailand has decided to trial cryptocurrency payments in Phuket as part of a pilot programme aimed at offering foreign visitors an alternative payment method.

 

Xem thêm : Bitcoin Investor Ordered to Reveal Access Codes to $124 Million

The initiative was announced on 8 January 2025 by Deputy Prime Minister and Finance Minister Pichai Chunhavajira during a seminar hosted by the Marketing Association of Thailand, according to Nation Thailand. The pilot will operate within Thailand’s existing legal frameworks, with no need for amendments to current laws. Tourists participating in the programme will be required to register their Bitcoin through a Thai exchange and complete identity verification before making purchases. To facilitate transactions, a clearinghouse will convert Bitcoin payments into THB. 

The programme’s goal is to make digital transactions more accessible in tourism-centric cities such as Phuket, helping Thailand stay competitive in attracting international visitors. Pichai emphasised that the programme will comply fully with existing legal standards.

 

 

Wider context and precedents 

In December 2024, the country’s former Prime Minister suggested that the Thai government explore cryptocurrency use cases through sandbox experimentation. Caution was urged, advocating for studying digital assets to prepare for global digitisation while refraining from direct government investment in cryptocurrencies. He also noted potential challenges posed by international factors, including US trade policies under the Trump administration and their potential impact on global markets. 

Separately, in October 2024, the CEO of Binance Thailand shared his views on proposed regulatory changes by Thailand’s Securities and Exchange Commission (SEC). These changes aim to expand the scope of funds eligible to invest in digital assets, signalling a broader push toward legitimising and integrating cryptocurrencies within the financial ecosystem. He also highlighted the importance of creating a system where traditional finance and digital assets coexist, underscoring the need for regulatory clarity.