Thailand to Pilot Bitcoin Payments For Tourists This Year ...Middle East

Pichai Chunhavajira, the Deputy Prime Minister of Thailand, has announced a pilot project that will allow tourists to leverage cryptos like Bitcoin (BTC) as an alternative payment method. Local news outlet The Nation reported today that Chunhavajira made this known in a keynote at an event hosted by the Marketing Association of Thailand. Speaking at the event, Chunhavajira, Thailand’s Minister of Finance, disclosed that the government is embarking on an initiative to test cryptocurrencies as an alternative payment method in tourism-focused cities. According to him, this move will enable tourists to pay for goods and services whenever they visit these regions with crypto. The initiative will also maintain Thailand’s competitiveness in the global market while ensuring that the country does not lose out on business opportunities. Per the report, the pilot project will launch later this year in Phuket. Notably, the experiment will operate within existing legal frameworks, eliminating the need to amend current laws. This development was first reported last month after Thailand’s former prime minister, Thaksin Shinawatra, introduced a proposal to allow tourists to make payments using Bitcoin. At the time, Binance’s Thai subsidiary, Gulf Binance, declared its support for the initiative. If launched, Thailand will join other countries, like Russia, that have embraced crypto as an alternative means of payment. Reasons Behind the Project Chunhavajira highlighted two major drivers of the project: the rising popularity of crypto assets among foreign tourists and their growth potential. The minister cited Bitcoin as a case in point, suggesting a high demand for the premier cryptocurrency, worth over $2 trillion. Once the project launches, foreign tourists will be required to register their crypto assets, such as Bitcoin, on Thai exchanges. They will also have to verify their identities before they can use their cryptos for payments. The Thai government will also create a clearing house that will convert these crypto transactions to the country’s fiat currency. It is worth mentioning that there is a growing adoption of crypto in Thailand. Growing Adoption of Bitcoin in Thailand The Nation reported that even though the government has yet to begin the pilot project, a small crypto-savvy village in Kalasin’s Huay Phueng district of Thailand is already embracing the nascent asset for real-world use cases. Popular crypto-focused YouTube channel Right Shift revealed that an unnamed Bitcoin proponent introduced this initiative. This individual set up a coffee shop in the village as part of efforts to teach residents how to leverage Bitcoin as a payment method instead of fiat currencies. So far, the crypto advocate has persuaded over 80 businesses, including a noodle store, to accept Satoshi (the smallest units of BTC) as a payment method via a Bitcoin Lightning app. According to Right Shift, this move is gradually transforming the village into a ‘Bitcoin town. '

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Last updated : 08 January 2025 clock 06:50 PM

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Thailand to Pilot Bitcoin Payments For Tourists This Year ...Middle East

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