Thailand Explores Bitcoin Pilot for Tourism Payments

Thailand is considering a new initiative to integrate Bitcoin into its tourism sector. Former Prime Minister Thaksin Shinawatra has proposed a pilot project to test Bitcoin payments in Phuket, a popular tourist destination. This comes after the country made strides in crypto innovation with its Digital Asset Regulatory Sandbox in 2024.

Proposal for Bitcoin Payments in Tourism

Thaksin Shinawatra—a well-known advocate of cryptocurrencies—has suggested that Bitcoin could be a game-changer for Thailand’s tourism sector. Speaking to local media, Thaksin proposed launching a Bitcoin payment pilot project in Phuket, leveraging the island’s strong tourism appeal to test the viability of digital payments.

However, implementing such a project faces regulatory hurdles. Currently, the Bank of Thailand prohibits the use of Bitcoin and other cryptocurrencies for payments, citing its mandate to oversee the nation’s payment systems. For this pilot to proceed, discussions between the Securities and Exchange Commission (SEC) and the central bank will be necessary, as the SEC is responsible for regulating digital assets.

Thaksin has also urged the government to embrace cryptocurrency trends, emphasizing their potential to boost economic growth. He predicted Bitcoin could reach a price of $850,000 and proposed stablecoins backed by government bonds to improve liquidity in the financial system.

Thailand Crypto Ecosystem 

Thailand has shown increasing interest in cryptocurrencies, with approximately 15.43 million crypto users in 2024, representing over 21% of the population, according to Statista. However, the growth rate of crypto users is expected to slow, potentially reaching 17.67 million by 2028.

Despite these advancements, Thailand has fallen in the rankings of the Global Crypto Adoption Index by Chainalysis. The country, which ranked 10th in 2023, slipped to 16th in 2024, reflecting a need for more robust adoption and regulatory clarity.

If Thailand proceeds with the proposed Bitcoin pilot, it could position itself as a leader in integrating cryptocurrency into key sectors like tourism. However, navigating regulatory challenges will be crucial for the success of such initiatives.