Thailand's Cryptocurrency Payment Pilot in Phuket: A New Era of Tourism Transactions
In 2025, Thailand is set to launch a pilot project enabling cryptocurrency payments in Phuket, one of its premier tourist destinations. This initiative, announced by Deputy Prime Minister and Minister of Finance Pichai Chunhavajira on January 8th during a seminar organized by the Thai Marketing Association, aims to offer an alternative payment method for foreign tourists.
The pilot will operate within the existing legal framework, eliminating the need for legislative amendments. Tourists can register Bitcoin through Thai exchanges and complete identity verification prior to making purchases. The government assures strict adherence to the law, with the clearinghouse converting Bitcoin transactions into Thai baht. To illustrate the practicality, Pichai cited the example of refugees during the Russia-Ukraine conflict who could use Bitcoin to buy property in Thailand without currency exchange hassles.
This move follows former Thai Prime Minister Thaksin Shinawatra's call in December 2024 for the government to explore cryptocurrencies and promote sandbox experiments. He emphasized the importance of researching digital assets to maintain a leading position in global digitization while advising against hasty purchases. Additionally, Binance Thailand's CEO Nirun Fuwattananukul analyzed the regulatory measures of the Thai Securities and Exchange Commission (SEC) in an October 2024 article, highlighting the SEC's efforts to expand the scope of digital asset investment funds and foster a coexistence ecosystem of traditional finance and digital assets.
Keywords: Thailand, Cryptocurrency Payment Pilot, Phuket, Bitcoin, Tourism, Legal Framework, Identity Verification, Thaksin Shinawatra, Binance Thailand, SEC