Thailand to launch cryptocurrency payments in Phuket in 2025

Thailand is preparing to launch a pilot program in 2025, enabling tourists in Phuket to use Bitcoin (CRYPTO:BTC) for transactions.

This initiative aims to make cryptocurrency payments more accessible in the popular tourist destination.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the plan on January 8 at a seminar organised by the Marketing Association of Thailand.

The pilot will be conducted within the existing legal framework, meaning no amendments to current laws will be necessary.

The program will allow foreign tourists to register their Bitcoin through a Thai exchange, verify their identities, and use it for purchases in the city.

A clearinghouse will facilitate the conversion of Bitcoin into Thai baht for transactions.

Pichai emphasised that the initiative will remain compliant with legal standards, ensuring that no illegal activities are involved.

The aim is to make digital transactions more accessible in tourism-driven cities like Phuket, keeping the country competitive in the global tourism market.

One potential use case highlighted by Pichai is the ability for refugees, such as those displaced by the Russia-Ukraine war, to use Bitcoin to buy property in Thailand, bypassing challenges related to converting traditional currency.

This move follows previous comments from former Prime Minister Thaksin Shinawatra, who advocated for studying cryptocurrencies to keep Thailand ahead in the global digitisation race.

Additionally, Thailand’s Securities and Exchange Commission is working on expanding the scope of digital asset investments, aiming to create a mature ecosystem for digital and traditional finance to coexist.