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Thailand has initiated a pilot project allowing foreign visitors to use cryptocurrencies for payments in Phuket. The trial, revealed by Deputy Prime Minister and Finance Minister Pichai Chunhavajira on January 8 during a seminar by the Marketing Association of Thailand, aims to offer alternative payment options for tourists.
Thailand’s Latest Pro-Crypto Initiative
This initiative will function within the country’s existing regulatory framework, avoiding the need for new legislation. Tourists will be able to register Bitcoin through a Thai crypto exchange and verify their identities to enable digital transactions, according to a Nation Thailand report.
The government clarified that the program adheres to Thai laws and excludes any illegal practices. Pichai highlighted the importance of integrating digital payments into tourist-heavy areas. He revealed that this program aims to make crypto transactions more accessible in “tourism-focused cities” to remain competitive and avoid missing out on significant business opportunities.
As part of the trial, a clearinghouse will convert Bitcoin transactions into Thai baht. The Finance Minister emphasized the practical benefits of the system, using the example of refugees from the Russia-Ukraine conflict. He explained that such individuals could use Bitcoin to purchase property in Thailand, sidestepping challenges in acquiring the local currency.
Former Prime Minister Advocates for Crypto Study
In December 2024, Thailand’s former Prime Minister, Thaksin Shinawatra, encouraged the government to explore cryptocurrencies and experiment with sandbox programs. While speaking at an event, he emphasized the need to understand digital assets to remain competitive in the digital age but advised against direct government investments in cryptocurrencies.
Shinawatra also mentioned potential obstacles arising from the incoming U.S. administration led by Donald Trump. He suggested that trade tariffs and discussions about using Bitcoin for U.S. debt payments might influence global cryptocurrency trends.
Regulatory Changes in Thailand’s Crypto Market
Nirun Fuwattananukul, CEO of Binance Thailand, noted significant developments in the country’s cryptocurrency regulatory environment. Writing in October 2024, he addressed the Thai Securities and Exchange Commission’s plans to expand the scope of funds investing in digital assets.
Fuwattananukul remarked that this regulatory push aims to establish a robust ecosystem blending traditional finance with digital currencies. The intention goes beyond simply legitimizing BTC as it is about establishing a “mature ecosystem where traditional finance and digital assets coexist.”
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