Thailand Launches Pilot Program for Crypto Payments in Phuket
Thailand is launching a pilot program to allow foreign visitors to use cryptocurrency for payments in Phuket. The initiative aims to enhance convenience and open new business opportunities.
- Deputy Prime Minister Pichai Chunhavajira announced the project at a seminar, aiming to test cryptocurrencies as payment alternatives for tourists.
- The government plans to experiment with digital assets like Bitcoin for large transactions, particularly for foreigners, including those affected by the Russia-Ukraine conflict.
- Pichai emphasized that the project will operate within existing legal frameworks without requiring changes to current laws.
- The pilot will enable foreign visitors to register their Bitcoin through a Thai exchange and convert it into Thai baht for transactions.
- A community in Kalasin has already adopted Bitcoin for daily transactions, using the Bitcoin Lightning app for cashless exchanges.
- Security concerns persist, highlighted by a recent robbery incident involving a crypto dispute in Phuket where two Russian suspects are being sought.