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Thailand’s cryptocurrency pilot in Phuket will allow tourists to register Bitcoin, seamlessly convert it to Baht and make hassle-free transactions. The initiative follows Thailand’s growing adoption of cryptocurrencies, with communities such as Kalasin’s Bitcoin Town already accepting digital payments.
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Thailand’s Deputy Prime Minister and Minister of Finance Pichai Chunhabajra announced a pilot program for crypto payments in Phuket.
The initiative will allow tourists to use Bitcoin for transactions and is the country’s first government-backed initiative in the tourism sector.
The initiative, announced at a Thailand Marketing Association seminar, will be implemented within the existing legal framework without the need for legal amendments, according to local news publication Nation Thailand.
Foreign tourists can register their Bitcoin through Thai exchanges and complete identity verification to participate in the program.
“The growing popularity and value of cryptocurrencies among foreign tourists is driving this initiative,” Pichai said.
The payment institution converts Bitcoin payments into Thai baht, protecting local businesses from cryptocurrency price fluctuations.
The program builds on the existing cryptocurrency implementation in Thailand. There are over 80 stores accepting Bitcoin payments in Kalasin’s Huai Phung district, known as “Bitcoin Town” in Thailand.
These businesses range from noodle shops and market stalls to tuk-tuk services, with local coffee shops serving as educational hubs for Bitcoin trading.
Participating merchants in Phuket will receive payments in Thai baht through the clearinghouse system.
The purpose of the pilot is to provide foreign travelers with a legal and convenient alternative to cash transactions, while maintaining Thailand’s competitiveness as a tourist destination.
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