Thailand Goes Crypto: Bitcoin Payments Arrive in Phuket
Thailand is set to pilot a cryptocurrency payment system in Phuket, aiming to make it more convenient for foreign tourists to use cryptocurrency for everyday purchases while giving businesses more payment options.
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According to local media, Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced this initiative at a seminar organized by the Marketing Association of Thailand.
He stated that the experiment will begin this year in compliance with existing legal frameworks.
Tourists will be able to register their Bitcoin through a Thai exchange, verify their identity, and then use their digital assets to shop, dine, or even invest in local services.
A clearing house will convert Bitcoin into Thai baht behind the scenes, ensuring businesses receive payments in the local currency. No legal changes are needed for this setup, keeping things simple and secure.
The idea is to cater to the growing number of tech-savvy travelers who prefer digital payments over cash. After all, Bitcoin is a highly valuable asset, with a market cap exceeding $2 trillion. Whether it’s buying a souvenir or even a property, this system aims to make transactions seamless for tourists.
Around a year ago, Thailand’s Securities and Exchange Commission (SEC) revised its crypto industry regulations to create a more business-friendly and user-oriented environment.
But Thailand isn’t stopping at just Phuket. In Kalasin’s Huay Phueng district, locals are already diving into the crypto world. Dubbed “Bitcoin town,” this community uses digital payments at many shops through the Bitcoin Lightning app. Residents are now using Bitcoin’s smallest unit, Satoshi, for everyday transactions, offering a glimpse of what the future could look like.
This pilot project in Phuket could be the first step toward making cryptocurrency payments a normal part of Thailand’s tourist experience. By embracing digital innovation, Thailand is setting itself apart as a forward-thinking destination for travelers around the globe.
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