Thailand Introduces Bitcoin Payments for Tourists in Popular Phuket

Thailand begins trialing Bitcoin payments in Phuket, allowing tourists to use cryptocurrency for transactions, simplifying currency exchange.

Thailand is set to trial cryptocurrency payments in Phuket, a popular tourist spot. Foreign visitors will have a new way to pay: in digital currencies as opposed to cash, in the course of the trial. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced this initiative during a seminar organized by the Marketing Association of Thailand.

Pichai explained that the ministry wants to put cryptocurrencies to the test in cities like Phuket which are tourism heavy. They hope this will make it easy for foreign tourists to perform transactions using their digital assets. According to him, the trial will not cross the existing laws and will be within the bounds of the law so there is nothing to be afraid of. It doesn’t require any changes to current laws because the government has already the required systems.

This year, the pilot project will begin, focusing on staying competitive and not missing business opportunities. Pichai referenced the growing popularity of cryptocurrencies and especially Bitcoin, whose value is rising. Bitcoin has a fixed supply of 21 million coins, which add up to more than 2 trillion U.S. dollars, he said. One of the reasons for the project is the tremendous interest from foreign tourists.

Bitcoin Payments to Ease Foreign Transactions for Phuket Tourists

During the trial tourists who have declared their Bitcoin can register their coins on a Thai exchange, verify their identity and use the crypto to purchase goods and services. The Bitcoins will be converted into Thai baht by a clearing house, which would create a seamless process for both tourists and local businesses. The aim of this initiative is to simplify transaction, and most especially, for the person who finds it difficult to exchange his foreign assets for the local currency.

Pichai’s example included people in the Russia-Ukraine conflict that have now moved to Phuket who may not be able to cover the asking price for a property if they only have enough Thai baht. But, using Bitcoin could certainly facilitate such transactions.

A small community in Kalasin’s Huay Phueng district has taken to Bitcoin in daily life. Over 80 locals in Thailand learn how to use Bitcoin’s smallest unit, Satoshi, for Payments thanks to a local coffee shop owner, known the “King of Huay Phueng.” There are now many businesses accepting Bitcoin like noodle shops, tuk-tuks, little market stalls etc.

This is a signal that Thailand is ready to adopt digital currency and explore the benefits the digital currency could bring to the tourism industry.