On January 8, 2025, Thailand announced a pilot program to trial cryptocurrency payments in Phuket, a key tourist destination. Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealed that the initiative aims to integrate digital currency into everyday transactions for foreign visitors without requiring changes to existing laws.
Tourists will be able to register Bitcoin (BTC) valued at $95,291 through a Thai exchange and must verify their identities before making purchases. A clearinghouse will convert BTC transactions into Thai baht to facilitate the process.
Pichai emphasized that the program will operate within legal parameters and is designed to enhance accessibility in tourism-centric cities, thereby retaining competitiveness in the global market. He noted that BTC could serve as a viable option for individuals, such as refugees from the Russia-Ukraine conflict, to navigate financial barriers and purchase property in Thailand.
This initiative follows a call from former Prime Minister Thaksin Shinawatra in December 2024 for the Thai government to explore cryptocurrencies and consider sandbox experimentation to adapt to global digitization trends.