Thailand will allow tourists to use cryptocurrencies as a means of payment

What’s new? Thai authorities plan to allow tourists to use cryptocurrency with cards, and revise financial laws to harmonize capital markets and digital assets. According to the Bangkok Post, the plan was announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira during an investment seminar in Bangkok on May 26.

Material by Bangkok Post

What else is known? Tourists will be able to spend cryptocurrency through platforms linked to credit cards. The initiative is part of a broader strategy to modernize the financial system and the use of digital assets. It is currently under review by the Ministry of Finance and the Bank of Thailand.

The pilot project is expected to launch once key infrastructure and regulatory checks are in place. Merchants will receive Thai baht when paying, although cryptocurrencies will be used in transactions.

In addition to allowing the use of cryptocurrencies in tourism, Thailand also plans to reform financial laws. Pichai said the government needs to unify legal regulation of the traditional capital market and the digital asset space, which are currently governed by separate laws.

Pichai also said the government is reviewing outdated restrictions on institutional investors as part of broader capital market reform. Life insurance companies and large funds are limited to investing in government bonds. The upcoming changes could open up more opportunities to invest in equities and private-sector assets.

Pichai reiterated support for digital assets, emphasizing the need for clear rules to allow for innovation without jeopardizing financial stability.

He mentioned the launch of “G-Tokens,” blockchain-based initiatives designed to allow retail investors to buy government bonds in fractional units. The tokens are expected to improve returns for depositors and raise the global status of Thailand’s sovereign debt.

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On May 13, the Ministry of Finance announced plans to issue $150 million worth of digital investment tokens that will allow retail investors to buy government bonds. This comes after the national securities regulator unveiled plans in February to launch a tokenized securities trading system for institutional investors.

In March, the Securities and Exchange Commission of Thailand also approved the use of Tether’s USDT and Circle’s USDC stablecoins for cryptocurrency trading, allowing the coins to be listed on regulated exchanges across the country.