Thailand to Launch Cryptocurrency Payments Initiative in Phuket

Thailand is set to launch a cryptocurrency pilot project in Phuket in 2025, allowing foreign tourists to use digital assets for purchases, with the goal of boosting tourism and promoting digital asset adoption while adhering to legal regulations. The initiative will focus on creating a seamless payment experience for visitors, enabling them to use cryptocurrencies at participating hotels, restaurants, and retail outlets.

• The Thai government plans to test the use of cryptocurrency in Phuket as an alternative to cash for foreign tourists, aiming to make it easier for them to use digital assets for payments.
• The project will be conducted within existing legal frameworks, with no need for amendments to current laws, and will involve converting Bitcoins into Thai baht through a clearing house.
• A small crypto-savvy community already exists in Thailand, with a village in Kalasin’s Huay Phueng district known as “Bitcoin town” where locals and tourists can make cashless transactions using Bitcoin.

Authorities aim to collaborate with local businesses and financial institutions to ensure smooth implementation and compliance with anti-money laundering laws. If successful, the program could expand to other popular tourist destinations across the country, further solidifying Thailand’s position as a forward-thinking hub for digital innovation.

Deputy Prime Minister Pichai Chunhavajira announced a project to test the use of cryptocurrency as an alternative to cash for foreign tourists in Phuket. The trial will operate within existing legal frameworks, without the need for legal amendments. The initiative aims to capitalize on the growing popularity and value of cryptocurrencies, particularly Bitcoin. While the project is in its early stages, there is already a small but enthusiastic community in Thailand using digital currency for everyday transactions, with a village in Kalasin even being dubbed as Thailand’s “Bitcoin town”.

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Li Zhong

Li Zhong is a tech journalist who covers the latest developments in artificial intelligence, robotics, and biotechnology. Li is passionate about exploring the ethical and social implications of emerging technologies.

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