• Thailand implements crypto payment systems in Phuket.
• The Thai crypto initiative targets foreigners affected by an ongoing war and tourists.
• The Phuket project highlights Thailand’s ongoing efforts towards crypto adoption.

Thailand’s Prime Minister Paetongtarn Shinawatra and Minister of Finance Pichai Chunhavajira have spotted an opportunity for economic growth using Bitcoin. PM Shinawatra announced the government’s decision to allow the use of payment products and services through digital assets in storage areas in Phuket, a popular island destination in the country.

According to Shinawatra, the Thai government plans to use the initiative to target foreigners, such as those affected by the Russian-Ukraine war and those with careers in online platforms. The Prime Minister believes using digital assets will make it easier for the identified category of foreigners to adapt to their lifestyles. 

Related: SCB Launches Stablecoin Service for Cross-Border Payments in Thailand

Government-Led Implementation for Digital Payments

Finance Minister Chunhavajira announced that the program would roll out later this year. While acknowledging existing unsupervised systems for digital assets, he emphasized the government’s commitment to harmonizing and regulating these platforms for smooth implementation.

Chunhavajira highlighted the opportunities the new development would offer tourists coming into Phuket. He emphasized the government’s determination to follow up plans and ensure digital assets become part of Phuket’s financial ecosystem.

Phuket’s Crypto Sandbox and Stablecoin Focus

Thailand’s move aligns with broader plans for crypto adoption, including a crypto sandbox program centered on stablecoins. The sandbox aims to mitigate risks while fostering innovation by enabling businesses and consumers to experiment with crypto transactions.

The pilot program in Phuket is expected to support the tourism sector, making it easier for businesses and visitors to leverage digital assets securely and efficiently.

Related: Thai SEC Weighs Bitcoin ETFs, Targets Crypto Gambling Platforms

Most crypto analysts consider the Phuket digital assets project timely, citing the notable growth in crypto awareness triggered by the socio-political developments in the U.S. Donald Trump’s inauguration and support for crypto have deflected notable attention towards the crypto industry. That makes it likely for any other government’s activity in the crypto sector to receive significant attention, especially those promoting the use of digital assets.