Pichai Chunhavajira, Finance Minister of Thailand, on Wednesday unveiled a project to test cryptocurrency payments as an alternative to cash in the tourist destination of Phuket.
According to Pichai, the government’s policy is to trial cryptocurrencies in tourism-focused cities to make it easier for foreign tourists to use their digital assets for payments. Also, there is no need to amend current laws, as the mechanisms to support such transactions are already in place.
Pichai highlighted how recent geopolitical conflicts have disrupted global economies, noting that for individuals fleeing political tensions and seeking to purchase property in Thailand, “paying with Bitcoin could be a much simpler process.”
Foreign tourists participating in the pilot might be allowed to register their bitcoins through a Thai exchange and verify their identities before using the coins to purchase goods and services.
The project is part of a broader strategy to attract cryptocurrency-savvy travelers and ensure Thailand remains a competitive destination in the global tourism market.