According to reports from Thai press on Wednesday, Thailand is planning to start a pilot program for bitcoin payments in Phuket.
At a conference held by the Marketing Association of Thailand, finance minister Pichai Chunhavajira outlined the plan’s intention, stating that it would adhere to existing legal precedents and not call for the passage of new policy.
” We didn’t do anything that is illegal”, Chunhavajira was quoted as saying, according to a report from The Nation Thailand.
As the nation continues to pursue its competitive advantage in international banking and hospitality, the development demonstrates how its approach to digital assets is evolving.
According to Chunhavajira, “paying with Bitcoins could be much simpler to do so for those who are escaping social unrest and trying to buy property in Thailand.”
In any case, the captain program will let foreigners purchase crypto after identity verification and use it to record it with Thai markets.
The change of digital goods to Thai baht may be handled by a clearing house.
International demand, local require
According to a separate report from Bangkok Post, Chunhavajira is aware of how” solid demand” has been generated by Bitcoin’s constrained supply.
According to Chunhavajira, the report quotes him as saying,” This indicates more than half of the codes have probably been forgotten, leaving about$ 1 trillion in liquidity for exchange.”
reached out to the study’s authors for more details.
The move comes as Thailand aims to capitalise on its commerce recovery, with visitor numbers expected to reach 39.8 million in 2025, up from 35-36 million in 2024, Chunhavajira said.
However, big markets have already accumulated considerable Bitcoin resources, and people companies such as BlackRock, MicroStrategy, and Metaplanet have been piling up.
Business experts, however, warn that Thailand challenges falling behind in the broader bitcoin “arms competition”.
Jirayut Srupsrisopa, the country’s founder and CEO, told Thai PBS World in an exam that a proper Bitcoin supply must be addressed.
” The cost of silence is going to be expensive”, Srupsrisopa said. ” The longer it takes us to choose, the more costly it will cost the state”.
Srupsrisopa added that Thailand has “one of the highest per capita rates for crypto implementation,” with at least one out of every seven people downloading their software.
However, grass crypto implementation is currently taking position in some parts of Thailand. In the Huay Phueng city of Kalasin state, a local area has embraced Bitcoin bills, with over 80 organizations accepting it for daily transactions.
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