Thailand Explores Bitcoin Payments for Tourism in Phuket Pilot Project
Thailand considers a Bitcoin payment pilot in Phuket's tourism sector, backed by former PM Thaksin, despite central bank restrictions on crypto payments.
Thailand is exploring the potential of Bitcoin payments in its tourism sector, with Phuket as the proposed testing ground under the Digital Asset Regulatory Sandbox launched in 2024. Former Prime Minister Thaksin Shinawatra, a vocal supporter of cryptocurrencies, has suggested integrating Bitcoin into tourism payments to attract tech-savvy visitors and boost the local economy.
Thaksin emphasized that Thailand’s reliance on tourism and foreign investment makes it an ideal candidate for crypto adoption. He proposed creating stablecoins backed by government bonds to enhance economic liquidity. Additionally, he predicted Bitcoin could reach a price of $850,000, urging the country to stay aligned with global crypto trends. However, the Bank of Thailand currently prohibits Bitcoin payments, as the central bank controls the national payment system. Any pilot project would require cooperation between the central bank and the Securities and Exchange Commission (SEC), which oversees digital asset regulation.
Nirun Fuwattananukul, CEO of Gulf Binance, supported Thaksin's vision, highlighting that cryptocurrency integration could align with Thailand's economic strengths. Yet, regulatory approval remains a major hurdle. Collaboration between the central bank and SEC is crucial for any progress.
Thaksin suggested focusing on tourist hubs like Phuket and Hua Hin for pilot programs, allowing Bitcoin holders to use their assets for spending. He clarified that his advocacy is not financial advice but rather a push to align Thailand with the evolving digital economy. He also pointed out the growing presence of cryptocurrencies, predicting a future where digital currencies outnumber national currencies.
Data from Statista indicates that in 2024, over 15.43 million people in Thailand—about 21% of the population—are cryptocurrency users. However, growth in crypto adoption is expected to slow, with projections showing around 17.67 million users by 2028. Despite this significant user base, Thailand dropped from 10th to 16th place in the 2024 Global Crypto Adoption Index by Chainalysis.
While enthusiasm for crypto integration in tourism remains strong among supporters like Thaksin, the road ahead depends on clear regulatory alignment and cooperation between the key financial authorities.
