In a latest development, Thailand is all set to launch a pilot program in Phuket in 2025, enabling tourists to use Bitcoin for transactions and streamlining digital payments. It aims to trial cryptocurrency payments in Phuket, one of its most popular tourist destinations, by offering foreign visitors an alternative payment option.
This initiative was announced by the Deputy Prime Minister and Finance Minister Pichai Chunhavajira on Jan. 8 at a seminar organized by the Marketing Association of Thailand, according to Nation Thailand. He announced that the experiment would begin in Phuket this year as a pilot project, emphasising that it would be conducted within existing legal frameworks. “We won’t do anything that is illegal,” Pichai reassured.
He clarified that no changes to existing laws are needed for the new initiative, as the government already has the necessary mechanisms in place. He highlighted that a trial in Phuket would help Thailand stay competitive and ensure that it does not lose out on business opportunities.
Pichai explained that the project was driven by the growing popularity of cryptocurrencies among foreign tourists and their rising value. He also noted that Bitcoin, with its limited supply of 21 million coins, is valued over $2 trillion and in high demand.
Notably, Foreign tourists participating in the pilot might be allowed to register their Bitcoins through a Thai exchange and verify their identities before using the coins to purchase goods and services. A clearing house would later convert the Bitcoins into Thai baht.
“For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process,” Pichai said.
Interestingly, while the government’s experiment is still in its initial stages, a small crypto-savvy community in Thailand has already embraced the use of digital currency in everyday life. A village in Kalasin’s Huay Phueng district, known as Thailand’s “Bitcoin town,” is gaining attention for its adoption of cryptocurrency. A young Bitcoin advocate established a coffee shop in the village to teach locals how to use Bitcoin’s smallest unit, Satoshi, instead of cash.
Over 80 locals have adopted Satoshi via the Bitcoin Lightning app, allowing for cashless transactions. Many local businesses, including a noodle shop, street food vendors, and tuk-tuk services, now accept Bitcoin, with the community affectionately calling the founder the “King of Huay Phueng.”
In a much-awaited development that could shake up the digital asset space, a recent filing…
XRP continues to show strength despite recent market volatility. While Bitcoin experienced sharp moves, XRP’s…
In a market where momentum often shifts fast and unpredictably, smart investors are increasingly focused…
Everyday trading isn’t everyone’s cup of tea. Not everyone wants to stare at screens all…
As the crypto market regains its footing, investors are already scanning for the next crypto…
While many have seen tokens like SHIB and PEPE make headlines, a new contender is…
