Thailand’s government plans to enable cryptocurrency spending for tourists through credit cards
Thailand recently announced a new plan that will allow international visitors to spend cryptocurrencies through a credit card-linked payment system.
This ambitious move announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at an investment workshop in Bangkok is part of the country’s broad efforts to incorporate digital assets into its financial infrastructure and modernize its overall economic system.
Promote visitors’ cryptocurrency
Under the proposed plan, visitors will have the ability to link their cryptocurrency holdings to their credit cards, thereby facilitating local transactions. Merchants receiving payments will continue to receive funds in Thai baht, so they are not aware of the initial use of cryptocurrencies.
According to Minister Pichai, the method is specially designed to mitigate the risks associated with the use of cryptocurrencies in direct use of domestic transactions, thus protecting the stability of Thailand’s national currency.
Adopting crypto expenditures for visitors is consistent with Thailand’s strategic intentions to attract tech-savvy international visitors and position itself as a “forward-looking, digitally inclusive economy.”
The method is currently reviewed by the Ministry of Finance and the Bank of Thailand and aims to leverage existing payment infrastructure to facilitate easier and immediate integration once regulatory approval is ensured. Implementation is expected to begin after a comprehensive infrastructure assessment and the establishment of the necessary regulatory framework.
Minister Pichai stressed that the planned regime would be easy to implement if all supporting technical and regulatory components were identified.
The pilot phase will serve as a practical assessment of the method and, if successful, as a model for further integration of digital assets in Thailand’s financial ecosystem.
Broader financial regulatory reforms
As a cryptocurrency initiative for tourists, Thailand is also advancing major financial regulatory reforms aimed at unifying the regulatory environment of traditional capital markets and emerging digital asset industries.
Currently, the two financial sectors operate under different sets of regulations, and the proposed unification will simplify operations and increase market clarity.
In addition, the Thai government is considering modernizing restrictions on institutional investors, allowing major financial entities such as life insurance companies and large investment funds to enter more investment in the stock market and the private sector.
This shift represents a huge shift in current limitations, where institutional investors are largely limited to safer assets, such as government bonds.
The Ministry of Finance further drafted legislation aimed at enhancing the enforcement capacity of the Securities and Exchange Commission of Thailand (SEC).
Under the new law, the SEC has the potential to gain the power to directly escalate major legal violations in the prosecution phase, thereby strengthening overall regulatory oversight and market equity.
As part of this broader financial development, Minister Pichai also introduced the concept of “G-Tokens”, a blockchain-based score government bond that is available to retail investors. The program aims to improve the return on investment for small investors and improve Thailand’s international financial position.
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