Pichai to launch cryptocurrency pilot project in Phuket this year
Phuket to pilot crypto payments for tourists! Foreign visitors may soon pay in Bitcoin for goods and services, boosting convenience and business opportunities.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira on Wednesday unveiled a project to test the use of cryptocurrency as an alternative to cash in the tourist destination of Phuket.
Speaking at a seminar organised by the Marketing Association of Thailand, Pichai stated that the government’s policy is to trial cryptocurrencies in tourism-focused cities to make it easier for foreign tourists to use their digital assets for payments.
He announced that the experiment would begin in Phuket this year as a pilot project, emphasising that it would be conducted within existing legal frameworks.
“We won’t do anything that is illegal,” Pichai reassured.
He clarified that no amendments to current laws would be necessary, as the government already has the mechanisms required to support the initiative. He added that the trial in Phuket would ensure that Thailand remains competitive and does not lose out on business opportunities.
Pichai explained that the project was driven by the growing popularity of cryptocurrencies among foreign tourists and their rising value.
Citing Bitcoin as an example, he noted that its finite supply of 21 million coins is collectively valued at over 2 trillion US dollars and is in high demand.
Foreign tourists participating in the pilot might be allowed to register their Bitcoins through a Thai exchange and verify their identities before using the coins to purchase goods and services.
A clearing house would later convert the Bitcoins into Thai baht.
“For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process,” Pichai said.
While the government’s experiment is still in its initial stages, a small crypto-savvy community in Thailand has already embraced the use of digital currency in everyday life.
According to Right Shift, a YouTube channel promoting cryptocurrency use, a village in Kalasin’s Huay Phueng district is recognised among enthusiasts as Thailand’s "Bitcoin town".
In a short documentary, Right Shift highlighted a young Bitcoin advocate who established a coffee shop in the village as a hub to teach locals how to use Bitcoin’s smallest unit, known as Satoshi, in place of cash.
The advocate successfully persuaded over 80 locals to accept Satoshi via the Bitcoin Lightning app, enabling tourists and villagers to make cashless transactions. Many shops, including a noodle shop, market vendors, a meatball street food stall, and a tuk-tuk service, now display Bitcoin acceptance signs.
The shop owners have affectionately dubbed the founder of the Huay Phueng Bitcoin community the "King of Huay Phueng".
