TechFlow reports, on January 8, according to Cryptonews, Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the launch of a cryptocurrency payment pilot project in the tourist destination Phuket. The project will allow foreign tourists to register Bitcoin and complete identity verification through Thai exchanges, then use it for payments at local goods and service providers. A clearinghouse will be responsible for converting Bitcoin into Thai baht paid to merchants.
Pichai emphasized that the pilot project will operate within the existing legal framework and does not require regulatory changes. Thailand’s Securities and Exchange Commission (SEC) has previously approved ONEAM to issue the country's first Bitcoin ETF and relaxed restrictions on digital token investments. Currently, more than 80 merchants in the Huay Phueng district already accept Bitcoin payments via the Lightning Network, an area now known as the "Bitcoin Town."
