The new bold idea being tried by Thailand: letting tourists pay with cryptocurrency while in Phuket. Led by Deputy Prime Minister Pichai Chunhavajira, this initiative is being taken to make the life of travelers a bit easier while trying to keep the country ahead in this competitive game.
This program is designed such that it still has to follow current Thai law, so no new regulations are required. Tourists will verify their identities through local crypto exchanges, and a system will automatically convert Bitcoin into Thai baht for merchants. “We won’t do anything illegal,” Pichai reassured this while doing a seminar which was organized by the Marketing Association of Thailand.
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Phuket is an ideal place for this experiment because it is a popular tourist destination. It already has a sizeable population of foreign nationals, including refugees from the Russia-Ukraine war. According to Pichai, Bitcoin might be used for large transactions, such as buying real estate, to make things easier for them.
Crypto giant Binance, too, is making big bets on Thailand, praising its friendly regulations as it pushes to make crypto mainstream. But the safety concerns linger. Just this month, a Russian man in Phuket was violently robbed of $20,000 in a crypto-related dispute-a face to the risks tied to digital assets.
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Still, the crypto scene keeps developing in Thailand. Even now, a small town already makes everyday purchases in Bitcoin Lightning in the province of Kalasin-a sure-fire indicator that the future of crypto is bright in Thailand.
