Thailand Considers Bitcoin for Tourism Payments as Crypto Interest Grows

In 2024, Thailand took a notable step forward in the cryptocurrency space with the introduction of its Digital Asset Regulatory Sandbox.

This move marks the country’s growing interest in digital currencies, with former Prime Minister Thaksin Shinawatra advocating for the use of Bitcoin in the tourism sector.

Thaksin, a well-known cryptocurrency proponent, recently proposed a pilot project in Phuket where Bitcoin could be used for tourism payments. He believes that integrating digital currencies could align with Thailand’s strengths, particularly in attracting tech-savvy tourists and investors. This initiative, however, faces hurdles as the Bank of Thailand currently prohibits the use of Bitcoin for payments. The central bank oversees the country’s payment systems, while the Securities and Exchange Commission (SEC) regulates digital assets. To move forward with such an experiment, cooperation between the SEC and the central bank would be necessary.

Thaksin, who has long supported the adoption of cryptocurrencies, has also made bold predictions about Bitcoin’s future, forecasting a potential price of $850,000. He further proposed the creation of government-backed stablecoins to enhance liquidity. According to Thaksin, these moves would stimulate Thailand’s economy by aligning with global cryptocurrency trends. While his vision is ambitious, the Thai government has yet to officially embrace the idea.

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Thailand’s cryptocurrency landscape is growing rapidly, with approximately 15.43 million crypto users in 2024, making up over 21% of the population. However, despite this progress, the country has seen a decline in global rankings. Thailand dropped from 10th to 16th place in the 2024 Global Crypto Adoption Index by Chainalysis, indicating that while the country is embracing digital assets, it faces challenges in keeping pace with global developments.

Alexander Zdravkov