Thailand plans to test Bitcoin payments in Phuket, one of the country’s most popular tourist destinations. These tests are part of a pilot program aimed at offering foreign tourists alternative ways to make payments.
Strange construction
It seems that tourists who want to pay with Bitcoin must first register with an exchange. They must also verify their identity before making purchases.
In that respect, we just have to wait and see whether tourists are interested in that. If you can easily pay with your credit card or cash, why would you choose to register on a Thai crypto exchange?
Then, a clearinghouse will convert the Bitcoin payments to Thai baht. In that respect, the companies do not accept Bitcoin at all, and it is therefore about a bit of “convenience” on the front for people who only own Bitcoin.
The question is of course how big that group is. That won’t be too bad, so the chance seems very small that Thailand will launch a popular pilot with this.
What is the use of this program?
According to Pichai Chunhavajira, Thailand’s current minister of finance, the program is indeed useful.
He gives the example of refugees from the war in Ukraine, both Russians and Ukrainians. Who could use Bitcoin to buy real estate in Thailand, and thus not have the challenge of buying their first Thai baht.
Donald Trump’s idea to create a national Bitcoin reserve has also attracted attention in Thailand. In December 2024, former Prime Minister Thaksin Shinawatra gave a lecture to the government, in which he asked them to experiment more with crypto.
However, according to him, it would not yet be a good idea to buy Bitcoin, although he did share Trump’s plan to pay off the US national debt with Bitcoin.
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Source: https://newsbit.nl/thailand-gaat-toeristen-met-bitcoin-laten-betalen-in-phuket/
