Thailand pilots crypto payments for tourists in Phuket

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As a crypto enthusiast, I’m thrilled to be part of the community that’s seeing progress, like Thailand’s pilot program allowing tourists to use digital currencies for transactions in Phuket. This is a significant step forward in the global acceptance and recognition of cryptocurrencies as a valid payment method.

As stated by Deputy Prime Minister Pichai Chunhavajira, this new initiative is designed to simplify and speed up digital transactions for tourists, all while enhancing the country’s competitive edge within the tourism industry.

The project will function under Thailand’s current legal guidelines. It involves verifying identities through local exchange platforms and establishing a clearing house that facilitates the conversion of Bitcoin (BTC) into Thai currency for merchants, as reported by The Nation.

At a seminar hosted by the Thai Marketing Association, Pichai highlighted that the program adheres strictly to existing laws, thus avoiding any need for future adjustments in legislation.

As a diligent analyst, I assure you that our actions will always adhere to the boundaries set by the law. Moreover, I anticipate that this trial will leverage the expanding worldwide recognition and worth associated with cryptocurrencies.

Thailand’s appeal to crypto travellers

The pilot project showcases Thailand’s initiative to entice travelers who are proficient in cryptocurrencies. Notably, Phuket has emerged as a magnet for international visitors, even those impacted by the Russia-Ukraine crisis, as reported by The Nation.

Google’s CEO, Pichai, pointed out that utilizing Bitcoin for transactions like property purchases might simplify the process for those involved.

Binance, a well-known cryptocurrency exchange, is now prioritizing Thailand as a significant market in its worldwide growth strategy. This decision was based on Thailand’s favorable regulations towards cryptocurrencies. Binance believes that the country’s regulatory flexibility plays a vital role in their goal to make cryptocurrencies more mainstream.

As an analyst, I’ve been closely observing the surge in popularity of cryptocurrencies, but it’s crucial to acknowledge that safety concerns persist. Just this past week, I found myself following a case where two Russian individuals were being pursued by Thai authorities over a violent incident in Phuket. The root cause? A disagreement stemming from a dispute related to cryptocurrency.

It’s claimed that the individuals under scrutiny physically attacked and stole $20,000 from a 31-year-old Russian male due to an unsettled crypto loan.

Thailand boasts a modest yet vibrant cryptocurrency community. Notably, in the Huay Phueng district of Kalasin, an autonomous “Bitcoin town” has sprung up, with around 80 residents using the Bitcoin Lightning app to receive Satoshi payments.

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2025-01-08 17:02