Thailand launches crypto payment trial in Phuket
Key receivers
Thailand's crypto pilot in Phuket allows tourists to deposit bitcoins, convert them seamlessly to baht, and make hassle-free transactions. The initiative follows Thailand's growing adoption of crypto, with communities such as “Bitcoin Town” in Kalasin already accepting digital payments.
Share this article
Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhwajira announced a pilot program for crypto payments in Phuket.
This initiative will allow tourists to use Bitcoin for transactions, which is the first government-sponsored attempt in the country's tourism sector.
The initiative, announced at a Thailand Marketing Association seminar, will work within existing legal frameworks without the need for legislative amendments, local news publication Nation Thailand reported.
Foreign tourists can register Bitcoin to participate in the program with a Thai exchange and complete identity verification.
“The increasing popularity and value of cryptocurrencies among international tourists has inspired this initiative,” Pichai said.
A clearinghouse converts Bitcoin payments into Thai baht, protecting local businesses from crypto price volatility.
The program builds on the current adoption of crypto in Thailand, Huay Phueng district in Kalasin, known as “Bitcoin Town”, has more than 80 shops that accept Bitcoin payments.
These businesses range from noodle vendors and market stalls to tuk-tuk services, and a local coffee shop serves as an educational center for Bitcoin transactions.
Merchants participating in Phuket receive payment in Thai baht through a clearing house system.
The pilot aims to provide foreign visitors with a legal and convenient alternative to currency exchange while maintaining Thailand's competitiveness as a tourism destination.
Share this article
