Thailand launches pilot program for crypto payments for tourists in Phuket

Thailand is launching a pilot program that will allow foreign tourists to use cryptocurrency for payments in Phuket, as part of efforts to boost its tourism sector and attract crypto-savvy visitors. Announced by Deputy Prime Minister Pichai Chunhavajira, the initiative will make digital payments easier and faster for tourists while enhancing Thailand’s competitiveness in the global tourism market.

The program will operate within the country’s existing legal frameworks, ensuring compliance without requiring legal amendments. It will involve identity verification through local exchanges and a clearing house that will convert Bitcoin into Thai baht for merchants. This system aims to facilitate the use of cryptocurrency as a seamless payment option for visitors.

Phuket was chosen for this pilot due to its popularity as a tourist destination, especially among foreign nationals, including those displaced by the Russia-Ukraine conflict. The use of Bitcoin for transactions, including in real estate purchases, could simplify processes for these visitors.

Thailand’s efforts to integrate cryptocurrency into its tourism industry align with its broader strategy to position itself as a crypto-friendly destination. Binance, the global crypto exchange, has also highlighted Thailand’s crypto-friendly regulations, marking it as a key market in its global expansion.

Despite the growing interest in cryptocurrency, safety concerns have been raised. Recently, Thai police pursued two Russian suspects involved in a violent robbery in Phuket related to a crypto debt dispute. This highlights the need for continued attention to security within the emerging crypto market.

Thailand’s crypto community, though small, is active, with places like Kalasin’s Huay Phueng district—home to a “Bitcoin town” where locals accept Bitcoin Lightning payments—reflecting the country’s embrace of digital currencies.