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Bitcoin’s popularity is growing by the minute, evidenced by the latest crypto news from Thailand, as the country announces plans to accept crypto payments to attract tourists. On Wednesday, the 8th of January 2025, the country’s Deputy Prime Minister, Pichai Chunhavajira, stated their aim to enhance the travel experience for crypto-holding travelers by introducing cryptocurrency payment options for visitors in “tourism-focused cities,” initially focusing on Phuket. It appears the initiative is part of a crypto-friendly initiative to integrate digital assets into the tourism sector and strengthen Thailand’s commitment to embrace innovative technologies to boost its economy. Chunhavajira assured that the pilot program would adhere to the country’s current legal framework.
As we welcome yet another sign that crypto is well on its way to becoming a mainstream payment option, this article explores the ins and outs of this forthcoming initiative to see exactly what crypto holders traveling to Phuket can expect and the potential impact of this decision.
Thailand to accept crypto payments. How will it work?
Under the forthcoming initiative announced by the Thai government to accept crypto payments from foreign travelers, such visitors will be able to use digital assets such as Bitcoin to make transactions after having registered through a licensed Thai exchange and completing an identity verification process. The cryptocurrency would then be converted by a clearinghouse into Thai baht to ensure merchants receive payments in the local currency and are protected from crypto volatility.
The program to accept crypto payments will operate within all current legislation on digital assets, as, according to Deputy Prime Minister Pichai Chunhavajira, the mechanisms to support such transactions are already in place. One of the specific use cases mentioned by Chunhavajira was real estate transactions. Crypto payments could hugely facilitate high-value payments, offering foreign buyers a much more seamless and cost-effective option than traditional financial rails and help boost its tourism and economic sectors in the process.
Thailand’s support of cryptocurrencies
This is not the first time Thailand has demonstrated its support of cryptocurrencies. In October 2024, the Securities and Exchange Commission (SEC) of Thailand proposed new regulations to expand the scope for mutual and private funds to invest in digital assets. This strategic decision is expected to usher in a new era of legitimizing and adopting digital assets like cryptocurrencies. It will also help increase financial inclusion, boost the country’s competitiveness and prosperity in financial technologies, provide strong risk-adjusted returns, and act as a hedge against traditional market fluctuations.
Later on, in December 2024, former Prime Minister Thaksin Shinawatra gave a lecture urging the Thai government to study cryptocurrencies and continue sandbox experimentation to remain relevant on the world stage. He stated that “there are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Today, Thai people must think and understand this”. The global trend towards digitalization, accelerated by Donald Trump’s pledges to make the U.S. the crypto capital of the world, has caused the government to open its eyes to the potential offered by digital assets.
The impact of crypto-friendly initiatives
The impact of crypto-friendly initiatives, such as that planned for Thailand’s capital city, are both near and far-reaching. By adopting the use of digital assets and practical applications such as crypto payments, these initiatives help draw wealth into sectors such as tourism, finance, and trade from new streams of revenue. These initiatives also position countries and regions as forward-thinking leaders, as shown by the comments made by former Thai Prime Minister Thaksin Shinawatra.
The immediate impact of exploring and accepting the use of digital currencies can also be a step towards financial inclusion. By offering citizens the chance to use alternative financial rails, countries can empower unbanked or underbanked populations, providing them access to a broader range of economic opportunities. Digital currencies reduce reliance on traditional banking systems, lowering transaction costs and facilitating cross-border payments with greater efficiency. In the long term, these initiatives can lead to a more resilient financial ecosystem bridged across traditional and digital rails and spaces.
For more on crypto trends or to learn how to integrate crypto payments into your business’ workflow, visit www.forumpay.com, or get in touch with our sales team to discuss any questions you may have.
