Foreign tourists in Thailand might soon be able to use Bitcoin and other crypto to pay for goods and services in Phuket, one of the country’s most popular tourist destinations.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira reportedly announced a pilot cryptocurrency payment project for Phuket on Jan. 8 at a seminar held by the Marketing Association of Thailand.
According to the announcement, the local government plans to allow foreign tourists to use digital assets like Bitcoin for transactions in Phuket, which attracts up to 14 million tourists annually. This initiative seeks to enhance convenience for visitors and expand business opportunities in Thailand’s tourism sector – a critical driver of the nation’s economy.
Although there are not too many details available on the upcoming pilot, it is known that the initiative will operate within existing legal frameworks without the introduction of any new crypto-related legislation.
Tourists will be able to register their Bitcoins through Thai exchanges and verify their identities to use cryptocurrencies for purchasing goods and services, with a clearing house further converting the digital currency into Thai baht.
If successful, the pilot project might extend to other tourist-focused cities in the country. This move is part of Thailand’s strategy to remain competitive and capitalize on the growing popularity of cryptocurrencies among international travellers.
Not only international travellers but also local citizens in Thailand increasingly embrace Bitcoin and other popular altcoins and stablecoins. One vivid example is Huay Phueng, a district in Kalasin Province, Thailand. The location has garnered recognition as the country’s “Bitcoin town” due to its grassroots adoption of cryptocurrency in daily transactions. Over 80 local merchants, including noodle shops, market vendors, street food stalls, and tuk-tuk services, now accept crypto payments.
Thailand authorities are gradually introducing initiatives to spur crypto-related activities among local business entities as well. For instance, in 2024, Thailand’s Securities and Exchange Commission (SEC) launched the Digital Asset Regulatory Sandbox to allow private firms to conduct small-scale, live testing of financial and tech innovations within their crypto-related services in a controlled environment under the regulator’s supervision.
