The Nation, an English-language news outlet based in Thailand, reported on Jan. 8 that Thailand’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled a pilot project to test cryptocurrency as an alternative to cash in Phuket.
According to The Nation, the initiative aims to make it easier for foreign tourists to use digital assets for payments while visiting the popular tourist destination. The publication stated that the pilot would launch this year and is part of the government’s broader strategy to remain competitive in the global tourism market.
The Nation quoted Pichai as saying that the project would operate within Thailand’s existing legal frameworks, requiring no amendments to current laws. Per their report, Pichai emphasized that mechanisms already exist to ensure the project complies with Thai regulations. The publication also mentioned that Pichai highlighted the growing demand for digital assets, particularly bitcoin (BTC), citing its finite supply of 21 million coins and its market capitalization exceeding $2 trillion.
The pilot may allow foreign tourists to register their bitcoin through a Thai exchange and verify their identities before using it to make purchases. The idea is that a clearing house would convert BTC payments into Thai baht, simplifying the process for merchants. The publication also quoted Pichai as suggesting that bitcoin could make it easier for individuals, such as refugees, to engage in large transactions, including purchasing property, which might otherwise be challenging under traditional banking systems.
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