The Thai Finance Minister Pichai Chunhavajira announced a pilot program in Phuket that allows tourists to make verified payments using Bitcoin 
$94,744. This initiative is part of Thailand’s broader strategy to facilitate digital asset payments and aims to attract more tourists while integrating cryptocurrency into daily transactions.
Thailand’s “Bitcoin Town” Kalasin
The village in the Huay Phueng area of Kalasin is recognized as a “Bitcoin town.” Here, over 80 local residents and various businesses engage in daily transactions using Bitcoin. A coffee shop opened by a young Bitcoin enthusiast teaches locals how to conduct cashless transactions using Satoshi. Additionally, a noodle shop, a meatball street vendor, a tuk-tuk service, and other local sellers have started accepting crypto payments.
Crackdown on Illegal Crypto Operations
Authorities in the Phanat Nikhom district of Chon Buri seized 996 mining devices operating on stolen electricity. This operation, conducted by local police and energy officials, effectively halted illegal cryptocurrency mining activities.
Pichai Chunhavajira emphasized that the pilot program will operate within the existing legal framework, negating the need for new legislation. The program will enable tourists to register and verify their crypto assets via a Thai exchange to make payments in Thai baht.
The clearinghouse system will convert Bitcoin into Thai baht, simplifying large transactions such as property purchases. This will be especially beneficial for refugees escaping the Russia-Ukraine conflict who face financial challenges.
Authorities continue to work against illegal crypto mining operations. Police Chief Montree Theskhan stated that a company, despite being registered for digital asset trading, manipulated electricity meters to commit energy theft.
These developments illustrate Thailand’s balance between promoting cryptocurrency usage and combating illegal activities. The expectation is that the use of cryptocurrencies within established frameworks will become more widespread.
If the pilot program succeeds, similar initiatives are anticipated in other regions of Thailand, enhancing the role of cryptocurrencies in tourism and the local economy. The increased usage of cryptocurrencies is set to create new opportunities for both tourists and locals, while government oversight and regulation processes become increasingly important.
