Thailand Reportedly Plans to Test Cryptocurrency Payment Options for Tourists

Thailand is exploring new payment-related policies that are aimed at making it a more appealing destination for visitors, according to users. This week, the country's Deputy Prime Minister and Finance Minister Pichai Chunhavajira said crypto will soon be tested as an alternative payment option to cash for the convenience of the tourists. Local publication Nation Thailand reported the development on Wednesday. A large chunk of Thailand's revenue comes from the tourism industry, and the country classifies cryptocurrencies as digital assets and allows its citizens to purchase, sell, trade, and hold crypto assets.

Bitcoin Payments in Thailand

Chunhavajira was addressing a seminar hosted by the Marketing Association of Thailand where he spoke about the country's pro-crypto initiative that is still in development, the report by Nation Thailand said.

Phuket reportedly welcomed over eleven million tourists in 2023, and it has been chosen as the first city where these crypto payment trials will be made live.

Thailand's authorities have noticed the growth potential in crypto values along with the popularity of assets like Bitcoin among tourists that prompted them to undertake this step. According to the report, visitors to Phuket who wish to participate in these crypto payment trials will first have to get their identities and credentials verified by a registered Thai exchange.

In his speech, Chunhavajira also reportedly mentioned that if the trials are successful, crypto payments could become common for an array of purchases in the city. As an example, he said refugees from the Russia-Ukraine war, could purchase a residence in Thailand by paying via Bitcoin. Thailand won't bring any immediate changes to its existing financial laws during the pilot phase, as per the report.

Thailand's History with Cryptocurrencies

Thailand banned the use of cryptocurrencies as payment option for commodities and services in 2022. At the time, Thai authorities had expressed concerns about the potential of cryptocurrencies to disrupt the nation's financial stability.

Its recent foray into testing crypto payments for tourists could be because of Doland Trump's victory in the recently held US elections. After Trump was chosen as the President-elect in November 2024, crypto prices shot off the roof. In the backdrop of Trump's promise to make BTC a reserved asset in the US, the price of Bitcoin historically touched the mark of $108,000 (roughly Rs. 92.8 lakh).

As crypto investments in Thailand continue to grow, the authorities have been taking measures to ensure the financial safety of its trader community. Last year, the country decided to impose bans on unlicensed crypto exchanges.

Data from Web3 research from MIIX Capital estimated that 13.2 million people in Thailand owned cryptocurrencies as of 2024. A separate report from Statista estimated that around 117,000 new crypto trading accounts were generated in Thailand as of last October.