Thailand is taking a progressive step into the digital age by piloting bitcoin purchases in Phuket, one of its most popular tourist destinations. The plan, set to launch in 2025, will allow overseas tourists to make purchases using Bitcoin, providing a modern alternative to standard payment methods.
The Marketing Association of Thailand organized a seminar on January 8 where Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealed the idea. The project’s goal is to simplify large transactions and make digital payments more accessible in tourism-oriented communities.
Foreign visitors can use the scheme to register their Bitcoin with a Thai exchange and authenticate their identity before making purchases. A clearinghouse will convert Bitcoin into Thai baht, ensuring that transactions are compliant with current financial regulations.
Pichai emphasized that the pilot would adhere to Thailand’s established legal framework, requiring no revisions to existing legislation. This strategy protects the initiative’s legality while also portraying Thailand as a forward-thinking location for digital finance.
The program reflects Thailand’s increasing interest in cryptocurrency. Pichai emphasized the potential for Bitcoin to simplify complex transactions, such as property purchases by Russian-Ukrainian migrants. These folks frequently experience difficulties in obtaining local currency, and Bitcoin provides a practical solution.
This program complements broader efforts to integrate cryptocurrency into Thailand’s economy. Former Prime Minister Thaksin Shinawatra stressed in December 2024 the importance of Thailand exploring digital assets in order to remain competitive on the world stage. He proposed sandbox testing to help the country comprehend the possibilities of bitcoin without requiring direct government participation.
Furthermore, Binance Thailand CEO Nirun Fuwattananukul has backed regulatory initiatives aimed at legitimizing and promoting digital assets. He stated that these initiatives are laying the groundwork for a mature financial environment in which traditional and digital banking coexist.
If successful, the Phuket pilot might pave the way for widespread bitcoin acceptance in Thailand. By accepting digital payments, the country intends to attract tech-savvy tourists and investors, solidifying its position as a global digital finance leader.
