In early January, Thai Prime Minister Pichai Chunhavajira announced a pilot program allowing foreign tourists in Phuket to use digital currencies for payments.
The deputy PM announced the program at a seminar organized by the Marketing Association of Thailand. The aim is to make paying for large purchases like houses easier and to boost the local economy.
Chunhavajira specifically mentioned how those who fled the war in Ukraine and settled in Phuket could use BTC to buy a house. The process would involve registering with an approved Thai exchange, verifying their identity, and then moving the digital currency to a clearing house for conversion into Thai Baht.
“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,” Thai Prime Minister Chunhavajira said.
No new laws will be required before the pilot program launches. Everything will operate within …