Thailand launches crypto payment trial in Phuket
Thailand is set to trial Bitcoin payments in Phuket, aiming to simplify transactions for foreign tourists.
Key Takeaways
- Thailand’s crypto pilot in Phuket will enable tourists to register Bitcoin, seamlessly convert it to baht, and make hassle-free transactions.
- The initiative follows Thailand’s growing adoption of crypto, with communities like "Bitcoin town" in Kalasin already embracing digital payments.
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Thailand’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira has unveiled a pilot program for crypto payments in Phuket.
The initiative will allow tourists to use Bitcoin for transactions, marking the country’s first government-backed trial in the tourism sector.
The initiative, announced at a Marketing Association of Thailand seminar, will operate within existing legal frameworks without requiring law amendments, according to local news publication Nation Thailand.
Foreign tourists can register their Bitcoin through a Thai exchange and complete identity verification to participate in the program.
“The growing popularity and value of cryptocurrencies among international tourists have driven this initiative,” Pichai said.
A clearing house will convert Bitcoin payments into Thai baht, protecting local businesses from crypto price volatility.
The program builds on existing crypto adoption in Thailand, where the Huay Phueng district in Kalasin, known as “Bitcoin town,” has over 80 shops accepting Bitcoin payments.
These businesses range from noodle vendors and market stalls to tuk-tuk services, with a local coffee shop serving as an educational hub for Bitcoin transactions.
Participating merchants in Phuket will receive payments in Thai baht through the clearing house system.
The pilot aims to provide foreign visitors with a legal and convenient alternative to cash transactions while maintaining Thailand’s competitiveness as a tourism destination.
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