- Thailand’s Finance Minister announced a pilot program in Phuket allowing tourists to make verified crypto payments through Thai exchanges, with a clearing house converting crypto to baht.
- A village in Kalasin has become known as “Bitcoin town” where over 80 locals and various businesses actively use Bitcoin for everyday transactions.
- Local authorities recently shut down an illegal mining operation in Chon Buri, seizing nearly 1,000 mining devices that were running on stolen electricity.
Bitcoin and other major cryptocurrencies may be experiencing a downtrend right now, but that’s not enough to stop adoption. For example, Thailand has launched a trial to allow tourists to make payments with Bitcoin, Thailand’s Finance Minister Pichai Chunhavajira revealed.
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According to Pichai, who is also the country’s Deputy Prime Minister, Phuket has been selected as the first destination to implement the country’s policy aimed at simplifying digital asset payments for tourists.
No new law is required, as Pichai assured everything will be within existing legal frameworks.
We won’t do anything that is illegal.
Pichai Chunhavajira, Thailand’s Finance Minister and Deputy Prime MinisterThe finance minister detailed that the pilot program would allow tourists to register and verify their crypto holdings through a Thai exchange to make purchases.
A clearing house will convert the Bitcoin into Thai baht, simplifying significant transactions like real estate purchases in situations like those faced by refugees from the Russia-Ukraine war.
For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process.
Pichai Chunhavajira, Thailand’s Finance Minister and Deputy Prime MinisterThailand’s “Bitcoin town”
The pilot is part of a broader narrative of crypto adoption in Thailand, as Nation Thailand reports, with a village in Kalasin’s Huay Phueng district being recognised as “Bitcoin town”.
A young Bitcoin enthusiast opened a coffee shop where he teaches locals to use Satoshi, BTC’s smallest units, for cashless transactions. Over 80 locals reportedly have joined in with several businesses such as a noodle shop, meatball street food stall, a tuk-tuk service and other local vendors accepting crypto payments.
Challenges with Illegal Crypto Operations
On a more serious note, as per a report by the Bangkok Post, local police and electricity officials have shut down illegal crypto mining operations.
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According to the report investigators seized 996 mining devices which had been run on stolen electricity in Phanat Nikhom district of Chon Buri.
Police Major General Montree Theskhan said that while the company was registered to trade digital assets, they also manipulated power meters to steal electricity for their mining operations – with solar panels on the roof not even connected to the mining equipment.
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