Thailand Considers Bitcoin Payments for Tourism in Phuket Pilot Program
Thailand is considering the use of Bitcoin payments in tourism, proposing Phuket as a testing location under the Digital Asset Regulatory Sandbox set to launch in 2024. Former Prime Minister Thaksin Shinawatra, an advocate for cryptocurrencies, suggested integrating Bitcoin into tourism transactions to attract tech-savvy visitors and enhance the local economy.
Thaksin stated that Thailand’s heavy reliance on tourism and foreign investments makes it suitable for crypto adoption. He proposed stablecoins backed by government bonds to improve economic liquidity and predicted Bitcoin could reach $850,000, urging alignment with global crypto trends. However, the Bank of Thailand prohibits Bitcoin payments, as it manages the national payment system. Any pilot project would necessitate collaboration between the central bank and the Securities and Exchange Commission (SEC), which regulates digital assets.
Nirun Fuwattananukul, CEO of Gulf Binance, endorsed Thaksin's vision, noting that cryptocurrency integration could leverage Thailand's economic strengths. Nonetheless, regulatory approval remains a significant challenge. Collaboration between the central bank and SEC is essential for progress.
Thaksin recommended launching pilot programs in tourist hotspots like Phuket and Hua Hin, enabling Bitcoin holders to spend their assets. He clarified that his advocacy is not financial advice but aims to align Thailand with the evolving digital economy. He also highlighted the increasing prevalence of cryptocurrencies, forecasting a future where digital currencies outnumber national currencies.
Data from Statista shows that in 2024, over 15.43 million people in Thailand—approximately 21% of the population—are cryptocurrency users. Growth in crypto adoption is projected to slow, with estimates of around 17.67 million users by 2028. Despite a significant user base, Thailand fell from 10th to 16th place in the 2024 Global Crypto Adoption Index by Chainalysis.
While support for crypto integration in tourism is strong among advocates like Thaksin, future developments depend on effective regulatory alignment and cooperation between key financial authorities.