Thailand will begin testing cryptocurrency payments in Phuket in 2025, making it possible for foreign tourists to pay for Bitcoin services.
This is according to the announcement by Deputy Prime Minister and Finance Minister Pichai Chunhavajira on January 8, part of a broader move to integrate digital currencies into the tourism-driven economy.
Phuket is one of Thailand’s most popular tourist destinations, hosting the pilot program. This initiative will give foreign visitors an alternative way of paying while on tour, hence using the highest digital currency access in “tourism-focused cities.”
He sweetened the deal further when the Deputy Prime Minister, Pichai, assured that the whole program would work within Thailand’s existing legal framework and wouldn’t require changing any extant laws. Those tourists who would like to use the program must sign up for a Bitcoin wallet via a Thai exchange and identify themselves before making purchases. A clearinghouse will convert BTC into Thai baht, making the process compliant with the financial regulations.
Thailand’s Legal Crypto Program Aims For Global Competitiveness
Pichai has assured people that the program follows the standards of legality in Thailand and that nothing should be worried about on the legal front. “This move would make digital transactions more accessible and competitive in the global market,” he said. He went further to specify how this could facilitate the monetary transaction of people, giving an example of those refugees from the Russia-Ukraine war who can invest in property in Thailand using Bitcoin.
The pilot program comes amid rising interest in adopting cryptocurrencies in Thailand. In December 2024, former Prime Minister Thaksin Shinawatra called for the government to study digital assets and try sandboxes. Shinawatra emphasized that Thailand should study cryptocurrencies to advance in global digitization, while the government should not invest directly in cryptocurrencies.
“Apart from the military dictators, everything would present a challenge.” Shinawatra also spoke out of unease with incoming economic challenges proposed or possible by incoming president Donald Trump. This includes plans to make trade tariffs around his stated goals to see U.S. debt paid down through Bitcoin seemingly.
Nirun Fuwattananukul, head of Binance Thailand, said in an opinion piece that there was finally various regulatory progress in Thailand, citing, for example, the Thailand SEC, which has been working to extend regulations to investments in digital funds in digital assets, a move Fu watt thinks anu-kul shows the push to create a “mature ecosystem” where financial and digital assets combined can exist.
It’s not just about legitimizing Bitcoin, but about creating a fair and sustainable ecosystem for the future of digital finance,” Fuwattananukul wrote.
This could also put Thailand well ahead in using cryptocurrency, specifically in tourism, with the pilot in Phuket. If things go well with the initiative, this will pave the way for wider use of digital currency within the country. It will invite tech-savvy tourists and investors alike.
