Logo
logo
EnglishLanguage
logo
Listen live
HomeGlossaryContact us
Find us on social media
Advertisement for 5fXBptIOLaA?si=-QAVpQnM0DVFw-al

Thailand’s Bitcoin experiment in tourist hubs

Officials are testing new ways for visitors to pay digitally, aiming to expand crypto’s role in daily transactions

Juan AllanProfile
By Juan AllanFeb. 11th - 2pm
4 min read
Bustling street in Bangkok with blurred traffic and pedestrians, capturing the city's energy and movement
Tourists and locals navigate Bangkok’s bustling streets as the country explores crypto-friendly payment zones. Photo: Unsplash / Dan Freeman

Just over a decade ago, Thailand’s central bank warned against Bitcoin, prompting restrictions on its use. Today, the country is exploring ways to make it a mainstream payment method in tourist hotspots. What changed?

Bitcoin’s Growing Role in Thailand

Thailand’s relationship with Bitcoin has evolved dramatically over the years. While the government initially took a cautious stance, rising adoption and shifting global trends have pushed policymakers to reconsider.

According to Statista, the number of cryptocurrency holders in Thailand is increasing. In 2024, 15.43 million individuals—more than 21% of the population—engaged with digital assets, reflecting the country’s growing interest in crypto investments and digital transactions.

Beyond speculation, Thailand is now looking at how digital assets can be integrated into everyday life. One proposal, backed by policymakers and industry leaders, involves turning major tourist hubs like Phuket and Hua Hin into crypto-payment zones, allowing visitors to use Bitcoin and other digital currencies for transactions.

The evolution of Bitcoin adoption in Thailand

Thailand’s journey with Bitcoin has been complex. Initially met with skepticism, the Thai government took a conservative stance on cryptocurrencies.

In 2013, the Bank of Thailand issued warnings that led to temporary restrictions on Bitcoin due to regulatory concerns. However, as global adoption grew, the country shifted its approach. By 2018, Thailand introduced the Digital Asset Business Decree, creating a legal framework for cryptocurrencies and positioning itself as one of the more progressive nations in Southeast Asia in this regard.

Despite these advancements, regulatory uncertainty has persisted. Many businesses have been reluctant to accept Bitcoin due to concerns about volatility, tax implications, and legal oversight. Yet, with the recent proposal to introduce designated crypto-friendly payment zones, Thailand may finally be laying the groundwork for broader adoption.

How Bitcoin is used in Thailand

Bitcoin in Thailand is not just limited to trading or investment; it plays a growing role in different sectors. Remittances have become one of its most significant use cases, allowing Thai residents to send money across borders efficiently and at lower costs than traditional banking or remittance services. This has been particularly useful for migrant workers sending earnings back to their families.

Many investors in Thailand also see Bitcoin as a hedge against inflation and a way to diversify their portfolios. Trading activity on local crypto exchanges has increased, with Bitcoin remaining one of the most actively traded digital assets.

The gaming industry has also embraced Bitcoin, with some Thai gaming platforms allowing in-game purchases and transactions using cryptocurrency. This expands global payment options for players while integrating blockchain-based rewards.

In e-commerce, several Thai online retailers and digital platforms accept Bitcoin for products and services, appealing to consumers who prefer digital currencies over traditional payment gateways. Meanwhile, peer-to-peer transactions are on the rise, as individuals use Bitcoin for decentralized transactions, often bypassing banks and other financial intermediaries.

The vision for crypto-payment zones

Former Prime Minister Thaksin Shinawatra has proposed the creation of “sandbox” zones in key tourist cities such as Phuket and Hua Hin, where Bitcoin and other cryptocurrencies could be used as a means of payment.

These zones would allow tourists to make purchases using digital assets instead of traditional fiat currencies. The government is also considering issuing a stablecoin to provide economic liquidity and stabilize transactions.

Proponents argue that such an initiative could bolster Thailand’s tourism-driven economy, attract crypto-savvy travelers, and make it easier for foreign nationals to purchase high-value assets like real estate. According to Pawoot Pongvitayapanu, CEO of Pay Solutions, a digital payment gateway provider, the current system forces foreign buyers to bring large sums of money into Thailand through traditional banking systems, which can be costly and inefficient.

How Bitcoin is evolving in Southeast Asia

Bitcoin adoption in Southeast Asia (SEA) is evolving rapidly, with countries like Hong Kong, Malaysia, Singapore, and Indonesia leading in different aspects of cryptocurrency integration.

According to Chainalysis, the region remains the world’s third-largest crypto market, with over $750 billion in asset inflows between July 2023 and June 2024. This accounts for 16.6% of the global crypto market, placing Southeast Asia behind only North America and Western Europe, but significantly ahead of other regions.

Singapore has positioned itself as a global crypto hub, offering clear regulations and encouraging innovation while ensuring consumer protection. Bitcoin is widely used for investments, payments, and financial services, and the country has become a hub for crypto exchanges, blockchain startups, and institutional investment.

Hong Kong, a major global financial center, has seen Bitcoin adoption grow despite recent political uncertainties. The city’s status as a financial hub makes it an attractive market for cross-border transactions and digital asset investments. Its regulatory environment continues to evolve, balancing innovation with oversight.

Malaysia has taken a more cautious approach, regulating crypto exchanges and taxation while seeing slow but steady adoption. Bitcoin is primarily used as an investment asset, but interest in crypto payments and remittances is growing.

The road ahead for Bitcoin in Thailand

With crypto-payment zones on the horizon, Thailand is on the verge of a major transformation in its approach to Bitcoin and cryptocurrency payments. If successfully implemented, these zones could position Thailand as a leading crypto-friendly destination, attracting both digital asset investors and tourists looking for seamless crypto transactions.

However, success will depend on regulatory clarity, merchant participation, and whether both tourists and businesses embrace digital payments. If Thailand navigates these challenges effectively, it could set a precedent for how emerging markets integrate cryptocurrencies into everyday commerce—paving the way for broader adoption across Southeast Asia.

Share :
Advertisement for 5fXBptIOLaA?si=-QAVpQnM0DVFw-al

We use cookies on our site.