Users say Thailand is exploring new policies related to payments aimed at making it a more attractive destination for tourists. This week, the country’s deputy prime minister and finance minister Pichai Chunhavajira said Crypto will soon be evaluated as an alternative payment method to be cashed out on the visitors’ side. The local publication Thailand reported the development on Wednesday. A large portion of Thailand’s revenue comes from tourism, which classifies cryptocurrencies as digital assets and allows its citizens to buy, sell, trade and hold cryptocurrency assets.
Bitcoin payment in Thailand
The Thai state report said Chunhavajira was in a seminar chaired by the Thai Marketing Association and he talked about the country’s pro-Cretto initiative, which is still under development.
Phuket reportedly received popularity with more than 10 million tourists in 2023 and was selected as the first city to conduct these crypto payment trials.
The Thai authorities have noticed the growth potential of crypto value and the popularity of assets such as Bitcoin have prompted them to take this step. According to the report, Phuket visitors who wish to participate in these crypto payment trials will first have to obtain a verified identity and certificate of registration on the Thai exchange.
During the speech, Chunhavajira also reportedly mentioned that if the trial is successful, cryptocurrency payments may be common as the city purchases a series of purchases. For example, he said refugees from the Russian-Ukrainian war could buy residence in Thailand via Bitcoin payment. According to the report, Thailand will not make any changes to its existing financial laws during the pilot phase.
Thailand and the History of Cryptocurrency
Thailand prohibits the use of cryptocurrency as a payment method for goods and services in 2022. At the time, Thai authorities expressed concerns about the potential of cryptocurrencies to undermine the country’s financial stability.
Its recent attempt to test the payments of visitors may be due to Doland Trump’s victory in the recent U.S. election. In November 2024, cryptocurrency prices shot out from the rooftops. Bitcoin’s price hit the $108,000 mark (approximately Rs 92.8 lakh) amid Trump’s pledge to make BTC a retained asset in the United States.
As cryptocurrency investment in Thailand continues to grow, authorities have been taking steps to ensure the financial security of their traders’ communities. Last year, the country decided to impose a ban on unlicensed crypto exchanges.
Data from the Web3 study comes from MIIX Capital estimates that 13.2 million people in Thailand own cryptocurrencies as of 2024. According to a separate report from STATISTA, Thailand has generated about 117,000 new cryptocurrency accounts as of October last year.
