Thailand Wants to Introduce Cryptocurrency Payments for Tourists

The Thai government is studying international experience of cryptocurrency circulation in the sphere of payments for services and goods and is considering the possibility of legalizing such payments for tourists. This is reported by The Nation.

In the near future, the government may introduce payment for goods and services using crypto assets through wallets that work in conjunction with financial institution cards. Sellers will receive funds in the national currency - baht. Crypto will be automatically converted into money, without complicating the payment process for either party. According to Deputy Prime Minister and Finance Minister Phichai Choonhawachira, such a system will simplify the use of digital currencies by foreign guests of the country, while maintaining the stability of the financial system and ensuring the conversion of funds in real time.

The Bank of Thailand and other regulators are currently discussing a pilot project before rolling out the technology on a larger scale. For the initiative to work, it is necessary to amend the legislation concerning the circulation of digital assets and the supervision of financial markets. This measure is part of a broader plan to develop the digital economy, which also includes the issuance of a state investment token aimed at replenishing the budget and developing the country's technological base.

If the pilot project is successful, it could become the basis for further expansion of cryptocurrency usage within the country, as well as strengthening Thailand’s position as a leader in retail digitalization in Southeast Asia.

Earlier, we wrote that the KuCoin platform launched a subsidiary exchange, KuCoin Thailand. This is the ninth platform for buying/selling cryptocurrencies that managed to obtain a license to operate from the Securities and Exchange Commission of Thailand.