Thailand Moves to Embrace Crypto for Tourists, Pushes Broader Financial Reforms
Thailand is gearing up to allow tourists to spend cryptocurrency linked to credit cards in a bold move to modernize its financial system and promote digital assets.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the initiative during an investment seminar in Bangkok, outlining a vision that merges tourism, fintech innovation, and capital market reform.
Source: Bangkok Post Now, under joint review by the Ministry of Finance and the Bank of Thailand, the program will allow tourists to use digital assets for everyday transactions by linking their crypto wallets to credit card platforms. Local merchants, however, will continue to receive payments in Thai baht, often without knowing crypto was used, effectively insulating the national currency from volatility risks.
“This approach can be immediately adapted for Thailand, provided the supporting systems are in place,”
Pichai stated, emphasizing that the method avoids direct use of the Thai baht and reduces potential risks to monetary stability.
Beyond crypto payments, Thailand is also preparing sweeping reforms to its financial regulations. Pichai stressed the urgent need to unify the legal frameworks separating traditional capital markets from digital asset markets. He noted that existing laws governing both sectors are fragmented and outdated.
The Ministry is also reviewing rules around treasury stock buybacks and exploring tighter high-frequency trading regulations to foster fairer market practices. A draft bill will expand the Thai Securities and Exchange Commission’s enforcement authority, allowing it to fast-track significant cases directly to prosecutors.
Reaffirming the government’s commitment to fostering a balanced digital economy, Pichai cited the introduction of “G-Tokens”—a blockchain initiative designed to let retail investors buy government bonds in fractional amounts. The tokens are expected to increase returns for savers while boosting global interest in Thai sovereign debt.
In a related development, the Ministry of Finance announced a plan to issue $150 million worth of digital investment tokens to democratize access to government securities for everyday investors.
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