Thailand is launching a pilot program in Phuket to enable crypto payments, as announced by Finance Minister Pichai Chunhavajira. This initiative is designed to align with existing legal frameworks and aims to keep Thailand competitive in the global finance and tourism sectors. The program will allow foreign tourists to register their cryptocurrencies through Thai exchanges after identity verification. A clearing house will convert digital assets to Thai baht. Chunhavajira emphasized the global demand for Bitcoin, noting that an estimated $1 trillion in Bitcoin liquidity remains untapped due to the loss of numerous wallet access codes. With tourism rebounding, Thailand anticipates an influx of visitors, making this initiative timely. However, industry experts caution that if Thailand does not strategically adopt Bitcoin, it risks falling behind in the global crypto landscape, particularly as major companies are heavily investing in cryptocurrencies. The pilot program reflects a shift towards embracing digital currencies amid growing local adoption, as seen in areas like the Huay Phueng district, where many businesses already accept crypto for transactions.

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