Thailand is set to launch a pilot program that will allow tourists to use Bitcoin as a payment method in Phuket, Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced at a seminar organized by the Marketing Association of Thailand on January 8, 2025.
At the time of writing, the price of Bitcoin was US$94,155.16, showing a 4.5% decrease in the last 24 hours.
According to Chunhavajira, the program aims to capitalize on the increasing global interest in cryptocurrencies by presenting a modern and convenient alternative for payments. “We want to ensure that Thailand remains competitive and does not miss out on business opportunities in the global market,” the minister stated.
The program will be implemented within the existing Thai legal framework, eliminating the need for changes in legislation. Tourists interested in using cryptocurrencies like Bitcoin will be required to register them on local exchanges and verify their identities before utilizing them for purchases. A clearing system will be employed to convert Bitcoin transactions into baht, the local currency, for ease of use by merchants.
The selection of Phuket as the pilot location is strategic. Being one of Thailand's top tourist destinations, the island attracts a large number of tech-savvy visitors. This initiative also aligns with the government's goal of integrating cryptocurrencies into tourism-oriented sectors of the economy.
This move is part of a broader trend in Thailand to adopt cryptocurrencies across various domains. In 2024, former Prime Minister Thaksin Shinawatra called for research into digital assets and highlighted the potential of crypto to boost the national economy.
The program also envisions wider applications for Bitcoin, such as enabling real estate transactions, particularly for refugees from the Russia-Ukraine conflict who face challenges in accessing the local currency.
In another development, a community in the Huay Phueng area of Kalasin district has already integrated Bitcoin into their daily transactions. Over 80 businesses in the locality have begun accepting Satoshi, the smallest unit of Bitcoin, as payment, transforming the village into a local “Bitcoin hotspot.”
With companies like Binance viewing Thailand as a key market for their services and the country's tourism sector poised to benefit from cryptocurrency integration, Thailand is set to become a prime example of how cryptocurrencies can be utilized in the tourism industry.
