Thailand: Tourists will be allowed to pay with cryptocurrencies in the future!

Thailand: Tourists will be allowed to pay with cryptocurrencies in the future!

Thailand is planning a major reform of its capital markets laws, which promises to relax the use of cryptocurrencies for tourists. Finance Minister Pichai Chunhavajira recently made public these plans, which aim to promote the use of digital currencies in the tourism sector. The initiative is currently being carefully reviewed by both the Ministry of Finance and the Bank of Thailand.

As part of these reforms, “credit card-like platforms” are to be introduced in regions heavily frequented by tourists. These platforms allow tourists to make their payments in cryptocurrencies, with the amounts automatically converted into the local currency, baht. This means that traders do not have to bear any additional risk as a result of this regulation.

Planned pilot projects

A pilot project could be launched in popular tourism destinations such as Phuket once the necessary infrastructural and regulatory requirements are in place. This would make it possible to test the acceptance and functionality of crypto payments in practice.

In addition, the Ministry of Finance plans to introduce “G-Token”. These are intended to allow retail investors to make fragmented investments in government bonds, which could help diversify investment opportunities in Thailand.

The push to promote digital assets in Thailand is part of a broader strategy aimed at transforming the country's digital economy and offering more attractive conditions to international investors. According to the Baker McKenzie It is expected that the legislative change processes and regulatory clarifications will be advanced in the coming years.

Overall, the planned reform in Thailand is seen as a step in the right direction to make cryptocurrencies easier to access and position the country as a hub for digital innovation.