Thailand is set to trial cryptocurrency payments in Phuket, appealing to foreign tourists with an alternative payment method. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the initiative on January 8, 2025, during a seminar. This pilot program is designed to integrate digital currencies into daily transactions without altering existing laws. Tourists will be required to verify their identities and register to use Bitcoin through a Thai exchange. A clearinghouse will facilitate the conversion of Bitcoin transactions into Thai baht. Pichai highlighted the importance of this program for attracting business opportunities, especially in tourism-centric areas. The pilot aims to help foreign visitors, such as refugees from the Russia-Ukraine conflict, whom could benefit from using Bitcoin for property purchases in Thailand. Additionally, former Prime Minister Thaksin Shinawatra had previously encouraged the exploration of digital assets to maintain competitiveness in the global digital shift. Discussions around the regulatory landscape have also surfaced, indicating a push for legitimizing cryptocurrencies and fostering a collaborative economy between traditional finance and digital assets.

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