Thailand Plans Crypto Payments Pilot in Phuket for Foreign Tourists

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Thailand is preparing to trial a new scheme enabling international tourists to make transactions using digital currencies in the tourist hotspot of Phuket. The goal behind this move is to enhance user-friendliness and foster fresh commercial prospects.

On Wednesday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled a novel initiative. This project aims to trial cryptocurrency as an alternative to physical money, particularly in the bustling tourist hotspot of Phuket. During a conference hosted by the Marketing Association of Thailand, Pichai shared that the government intends to explore the use of digital currencies in tourism hubs, enabling foreign tourists to transact using their virtual assets more conveniently.

Pichai pointed out that employing Bitcoin might streamline big purchases like homes for individuals who left the Russia-Ukraine clash and established residency in Phuket, as it could offer a convenient method of transaction.

To give an example, individuals who have left the Russia-Ukraine conflict and now reside in Phuket may encounter challenges when trying to acquire 50 million baht to buy a home. Yet, transacting in Bitcoin might make this process significantly easier.

Google’s CEO, Pichai, assured citizens that the government intends to adhere to legal restrictions as they carry out their project within the current legal structure. He mentioned that no modifications to existing laws are needed since the government already possesses the necessary systems to back this initiative. The Deputy Prime Minister clarified that the Phuket trial aims to help Thailand preserve a competitive business environment while seizing potential commercial opportunities.

Bitcoin Adoption in Phuket Tied to Housing and Tourism

As reported by the Deputy Prime Minister, the idea stemmed from the increasing interest in cryptocurrencies shown by foreign travelers, coupled with their escalating value. Bitcoin was specifically mentioned as a case in point, due to its scarcity (only 21 million coins), significant market capitalization of over $2 trillion, and robust demand.

Visitors from abroad taking part in the testing phase can register their Bitcoin using a local Thai exchange, confirm their identities prior to making transactions, and then have the equivalent value of their Bitcoin converted into Thai Baht through an intermediary service. Here’s some key information about Bitcoin:

– The current exchange rate is approximately 94,571 Thai baht per 1 Bitcoin.
– Over the last 24 hours, Bitcoin has exhibited a volatility of 2.4%.
– The total market capitalization of Bitcoin currently stands at around $1.88 trillion.
– In the last 24 hours, the trading volume of Bitcoin was approximately $59.89 billion.

As a researcher, I find myself immersed within a Thai community, specifically Kalasin’s Huay Phueng district, famously known as Thailand’s Bitcoin town among crypto enthusiasts. Despite the government’s ongoing digital asset trial, this vibrant community has wholeheartedly adopted Bitcoin for daily transactions. A passionate young advocate of cryptocurrency in our village has been instrumental in persuading over 80 locals to accept Bitcoin through the Lightning app, thereby facilitating cashless exchanges not only among villagers but also with tourists.

As the popularity of cryptocurrency increases, so does the concern about its security. A recent example is the incident in Phuket, Thailand, where Thai police are chasing two Russian suspects linked to a robbery. The alleged crime stemmed from a disagreement over an unpaid crypto debt, leading to the assault and theft of $20,000 from a fellow Russian national.

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2025-01-08 21:45