Bitcoin Payment Pilot To Launch In Phuket To Attract Tourists

Key Points:

• Thailand will launch a Bitcoin payment pilot in Phuket, allowing foreign tourists to use Bitcoin for transactions.
• The initiative aims to attract crypto-savvy tourists and keep Thailand competitive in the global tourism market.

The Deputy Prime Minister and Finance Minister of Thailand, Pichai Chunhavajira, affirmed that Thailand plans to introduce Bitcoin payment in an effort to strengthen the country’s tourism industry.

Read more: Thailand Busts Illegal Bitcoin Mine after Repeated Power outages

Thailand to Start a Bitcoin Payment Pilot in Phuket for Foreign Tourists

Announced Wednesday at a seminar by the Marketing Association of Thailand, first, the project is going to be tested in Phuket, a destination which appeals so much to foreign tourists.

The Bitcoin payment pilot will allow the city to have foreign visitors support the city in exchange for their transactions in Bitcoin, such as shopping and paying for services.

Travellers will now be able to register their Bitcoins through Thai exchanges, complete verification of their identities, and pay without restrictions from new legislation since the current one already supports crypto-asset dealings.

Crypto-Friendly Regulations Boost Thailand’s Appeal to International Travelers

Pichai said the move would keep Thailand competitive in the global tourism market, given the growing popularity of cryptocurrencies. He cited the supply of Bitcoin, capped at 21 million coins with a total market value of more than $2 trillion, as one of the main reasons for its adoption.

This is especially appropriate for Phuket’s new role in the Bitcoin payment pilot because the city has attracted an eclectic international community, including exiles from Russia and Ukraine.

Such people would greatly be helped to know that they can spend in cryptocurrency over everything from business and property transaction costs to rent payments, said Pichai.