Pilot project planned in Thailand: Bitcoin and Co. as a means of payment for tourists

A pilot project for Bitcoin payments is to be rolled out this year on the island of Phuket, Thailand's tourism hotspot. This was announced today by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at a seminar organized by the Marketing Association of Thailand, according to Thai media outlet "The Nation".

The legal situation already allows this, explained Chunhavajira. The aim of the project is to ensure that Thailand remains competitive. The project is also motivated by the growing popularity of cryptocurrencies among tourists and the rising exchange rates.

According to the report by "The Nation", tourists would have to register and verify themselves with a Thai exchange for the pilot project. As usual, the crypto assets would also be converted into the local currency, the baht, via a clearing house.

Interestingly, the finance minister also pointed out that it would be easier for people coming to Thailand from other countries to pay for large purchases in Bitcoin than in the local currency.

For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process.
_{Pichai Chunhavajira}

Further details about the planned pilot project, such as the exact launch date, are not yet known. A few weeks ago, former Prime Minister Thaksin Shinawatra spoke out in favor of Thailand offering Bitcoin as a payment option for tourists.

There is already a "Bitcoin city" in the north of the country - Huai Phueng. According to a YouTube documentary, it should be possible to pay with Bitcoin Lightning in a large number of stores there.

Thailand was ranked 16th in Chainalysis' "Crypto Adoption Index" in 2024. There was also the approval of a Bitcoin spot ETF in Thailand this year - Blocktrainer.de reported.

Openness to Bitcoin can have a positive impact on tourism, which accounts for a relatively large share of economic output in Thailand. El Salvador, the first country to declare Bitcoin a legal tender, has also become a more popular tourist destination, according to President Nayib Bukele.

It is positive for Bitcoin that more and more countries are apparently realizing that they can benefit if they open up to Bitcoin and the like - whether as a means of payment or as an investment.