Thailand is set to kick off a groundbreaking cryptocurrency pilot program in Phuket, targeting international tourists. Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the initiative on January 8, designed to integrate digital currency into everyday transactions without altering existing laws. This program allows visitors to use Bitcoin for payments, ensuring a seamless and modern financial experience for travelers.

The government is promoting the pilot as a strategic move to maintain competitiveness in tourist-centric cities. By allowing the conversion of Bitcoin transactions into Thai baht through a local clearinghouse, the scheme simplifies digital purchases for foreigners, making it more accessible and efficient. Pichai highlighted that such advancements are vital to keep up with global digitization trends and attract business opportunities.

Highlighting the broader implications, Pichai referenced the utility of Bitcoin for refugees from the Russia-Ukraine conflict, who can use the cryptocurrency to buy property in Thailand. This initiative is part of a broader push by former leaders like Thaksin Shinawatra, who advocate for proactive digital asset exploration to position Thailand at the forefront of the technological curve in global finance.

Source