Thailand is laying the foundation for a significant financial shift that will allow tourists and locals to spend digital assets through crypto-linked credit cards. The Ministry of Finance is working with the Bank of Thailand to develop a pilot program enabling consumers to pay with crypto, while merchants receive payments in Thai baht—without directly handling digital assets.
This effort is part of a broader strategy to bridge traditional finance with the expanding crypto economy. At an investment forum in Bangkok, Deputy Prime Minister and Finance Minister Pichai Chunhavajira also revealed plans to merge the legal frameworks governing capital markets and digital assets. These are currently regulated under two separate laws: the Securities and Exchange Act and the Emergency Decree on Digital Asset Businesses.
Chunhavajira said the goal is to simplify capital movement between traditional and digital markets, aligning regulatory structures with evolving investor behavior.
“In some foreign countries, it’s already possible to use crypto for purchases by linking it to credit cards. When something is bought, the vendor receives payment in local currency as normal, often not even realising the buyer used crypto. This approach can be immediately adapted for Thailand, provided the supporting systems are in place, but it will not involve our domestic currency,” Chunhavajira explained.
Crypto Trials Extend Beyond Tourist Regions
Thailand’s move to roll out crypto-linked payments builds on earlier experiments designed to blend digital assets with tourism. Earlier this year, the government piloted crypto payment infrastructure in Phuket, a longtime hub for crypto-savvy travelers and one of the country’s busiest tourism destinations.
Surprisingly, adoption has also spread to rural areas. In Kalasin province’s Huay Phueng district, more than 80 small businesses now accept Bitcoin for goods and services. These grassroots initiatives reflect Thailand’s dual strategy—combining government-led pilots with community-level adoption—as it positions itself as a crypto-friendly destination.
Crypto Seen as Tool to Boost Tourism
The initiative comes as Thailand struggles to revive its critical tourism sector. A decline in Chinese tourist arrivals and a strong Thai baht have slowed recovery to pre-pandemic levels.
To compete globally, the Thai government is taking cues from regional neighbors. Bhutan recently launched a nationwide crypto payment program enabling visitors to pay for everything—from flights to street food—via Binance Pay. These moves suggest a growing belief across Asia that crypto integration may be key to attracting the next wave of international travelers.
Quick Facts
- Thailand will pilot crypto-linked credit cards for tourists and locals
- Merchants receive Thai baht, not crypto, to simplify participation
- Phuket and Kalasin already support crypto payments in test programs
- Government aims to unify digital asset and capital market regulations
- Bhutan’s crypto tourism model seen as a regional inspiration
