Thailand is trialling cryptocurrency payments for tourists in Phuket

Thailand is launching a pilot program to allow foreign tourists to use cryptocurrencies for payments in Phuket.

Deputy Prime Minister Pichai Chunhavajira announced The initiative aims to make Digital payments are easier and faster for tourists while enhancing the country’s competitiveness in the tourism sector.

Set to work inside Thailand Under current legal frameworks, the project includes identity verification through local exchanges and a clearinghouse for Bitcoin transfers (Bitcoin) to Thai Baht for traders, according to The Nation.

Speaking at a seminar organized by the Marketing Association of Thailand, Pichai emphasized that the program complies with current regulations, ensuring no legal amendments are needed.

“We will not do anything illegal,” he said, adding that the trial is expected to benefit from the growing global adoption and value of cryptocurrencies.

Thailand’s appeal for crypto travelers

The pilot project reflects Thailand’s efforts to attract travelers interested in cryptocurrencies. Phuket, in particular, has been a hub for foreign nationals, including those displaced by the Russian-Ukrainian conflict, according to The Nation.

Pichai stressed that using Bitcoin for transactions, such as purchasing real estate, could simplify processes for these individuals.

Cryptocurrency exchange Binance It has also started to focus on Thailand as a key market in its global expansion efforts, citing the country’s cryptocurrency-friendly regulations. The stock exchange believes that regulatory openness in Thailand It is a crucial factor On its mission to make cryptocurrencies mainstream.

Despite the growing appeal of cryptocurrencies, safety concerns remain. Earlier this week, Thai police tracking Two Russian suspects following a violent robbery in Phuket stemming from a cryptocurrency-related dispute.

The suspects allegedly assaulted a 31-year-old Russian man and stole $20,000 over an unsolved cryptocurrency debt.

Thailand already has a small but active cryptocurrency community. In the Huai Phueng district of Kalasin, a self-proclaimed “Bitcoin City” has sprung up, with more than 80 local residents accepting Satoshi payments via the Bitcoin Lightning app.