Thailand’s Deputy Prime Minister and Finance Minister, Pichai Chunhavajira, announced a groundbreaking initiative aimed at integrating cryptocurrency into the country’s tourism economy.
Speaking at an investment seminar in Bangkok on May 26, Pichai revealed that the Ministry of Finance and the Bank of Thailand are reviewing a plan.
The plan aims to allow international tourists to use crypto for retail purchases via credit card-linked platforms.
Under this system, travelers will be able to connect their crypto wallets to traditional credit cards, enabling seamless local transactions.
The mechanism is designed to ensure merchants receive payment in Thai baht without being aware that the transaction originated from cryptocurrency.
Crypto Integration Designed to Preserve Merchant Simplicity and Boost Tourism
The core of this initiative lies in the ease and anonymity it offers to local vendors while opening doors for tech-savvy travelers.
Tourists using crypto-linked credit cards will spend their digital assets as if they were using fiat, while vendors receive Thai baht just like any other card transaction.
The recent development ensures that no additional burden is placed on local merchants, making the program attractive to businesses and tourists alike.
The move also positions Thailand as a forward-thinking destination for crypto holders, potentially boosting tourism by catering to a growing demographic of international travelers who prefer using crypto.
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Thailand Advances Toward Broader Blockchain Integration with G-Tokens
In parallel with the tourism-focused crypto plan, Thailand is also moving forward with broader digital asset integration into its financial ecosystem.
Pichai highlighted the upcoming launch of “G-Tokens,” a blockchain-based initiative that will allow retail investors to purchase fractional units of government bonds.
The development marks a significant step toward democratizing access to sovereign debt instruments and aims to deliver better returns for savers.
These tokens are expected to raise Thailand’s profile in global debt markets by showcasing its innovative approach to public finance.
The government is working to unify the legal frameworks governing traditional capital markets and digital assets, signaling a comprehensive shift in financial policy to accommodate emerging technologies.
Policy Momentum Grows as Thailand Embraces Digital Asset Regulation
Thailand’s push toward digital innovation in finance has been gaining traction throughout 2024.
Earlier this year, in February, the country’s Securities and Exchange Commission unveiled plans for a tokenized securities trading system targeting institutional investors.
The development was followed on May 13 by the Ministry of Finance’s announcement of a $150 million digital bond issuance aimed at retail investors.
These moves underline a broader policy strategy focused on making digital assets a key component of the Thai economy, balancing innovation with regulatory clarity.
Finance Minister Pichai reaffirmed his support for digital transformation, stating that clear and thoughtful regulation is essential to protect financial stability while fostering growth and innovation in the rapidly evolving digital economy.
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