Thailand is preparing to allow tourists to spend cryptocurrency through platforms linked to credit cards, as part of its broader strategy to modernize its financial system and embrace digital assets.
According to the Bangkok Post and the Nation, the plan was announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at an investment seminar held in Bangkok on May 26.
The plan, currently under review by the Ministry of Finance and the Bank of Thailand, will enable tourists to link their cryptocurrency holdings to credit cards for local shopping.
Merchants will receive Thai baht as usual and typically will not know that cryptocurrency was used in the transaction. The pilot program is expected to launch once key infrastructure and regulatory checks are in place.
Pichai stated, "As long as the support system is in place, this approach can be applied immediately in Thailand." He noted that this model avoids the direct use of Thai baht, reducing the risk to the domestic currency.
In addition to opening up cryptocurrency use for the tourism industry, Thailand also plans to reform its financial laws. Pichai indicated that the government needs to unify the legal treatment of traditional capital markets and the digital asset sector, which are currently governed by different legislation.
Pichai also mentioned that as part of broader capital market reforms, the government is reviewing outdated restrictions on institutional investors. Life insurance companies and large funds holding hundreds of billions of baht are currently limited to investing in government bonds. Upcoming changes may open up more funding for stocks and private sector assets.
Pichai announced a delay in the next phase of digital wallet issuance. Source: Khaosod English
Reports indicate that the Ministry of Finance is also seeking to reform treasury stock rules and ensure fairer market operations by regulating high-frequency trading practices.
A draft is being developed to expand the enforcement powers of the Securities and Exchange Commission of Thailand, potentially allowing it to directly file significant cases with prosecutors.
Pichai reiterated support for digital assets, emphasizing the need for clear rules to allow innovation to develop without threatening financial stability.
He mentioned the launch of "G-Tokens," a blockchain-based initiative aimed at allowing retail investors to purchase government bonds in small units. He stated that these tokens are expected to enhance savers' returns and increase the global visibility of Thailand's sovereign debt.
On May 13, the Ministry of Finance announced plans to issue $150 million worth of digital investment tokens, allowing retail investors to purchase government bonds.
This initiative follows the country's securities regulator's disclosure in February of plans to launch a tokenized securities trading system for institutional investors.
In March, the Securities and Exchange Commission of Thailand also approved Tether's USDT and Circle's USDC for cryptocurrency trading, allowing these stablecoins to be listed on regulated exchanges nationwide.
Related: DNA Fund CEO Chris Miglino: Decentralized Artificial Intelligence (AI) may "surpass Bitcoin (BTC)"
Original: “Thailand to Allow Tourists to Use Cryptocurrency for Spending, Plans Regulatory Reform”
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