Thailand has initiated an exciting pilot program in Phuket that enables tourists to make verified payments using Bitcoin, as announced by Finance Minister Pichai Chunhavajira. This innovative move is part of a larger initiative to incorporate cryptocurrency payments into everyday transactions and attract more visitors to the country.
What Makes Kalasin a ‘Bitcoin Town’?
The Huay Phueng village in Kalasin stands out as a recognized “Bitcoin town,” where over 80 residents and various businesses engage in daily Bitcoin transactions. A local coffee shop, run by a young Bitcoin supporter, is teaching the community about cashless payments, while other vendors, including a noodle shop and tuk-tuk service, are now accepting cryptocurrency.
How Is Thailand Tackling Illegal Crypto Mining?
In a move to tackle illegal crypto mining, authorities in Chon Buri’s Phanat Nikhom district seized 996 mining devices that were operating using stolen electricity. This enforcement action, led by local police and energy officials, aims to curb unauthorized operations alongside the promotion of legal cryptocurrency usage.
The pilot program is designed to function under existing laws, making it unnecessary to draft new regulations. Tourists will register their crypto assets through a Thai exchange to facilitate payments in Thai baht. A clearinghouse system will streamline the conversion of Bitcoin for larger purchases, benefiting individuals, including refugees from the Russia-Ukraine conflict.
– The pilot program facilitates Bitcoin payments for tourists.
– Local businesses in Kalasin embrace cryptocurrency for transactions.
– Authorities are actively combating illegal crypto mining.
– Successful implementation could lead to broader adoption across Thailand.
These recent developments highlight Thailand’s effort to balance the promotion of cryptocurrency while also addressing illegal activities. If successful, this pilot program may inspire similar initiatives across the nation, potentially reshaping the landscape of tourism and local economies through enhanced cryptocurrency engagement.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
