Thailand mulls crypto payments for tourists using credit cards

Thailand is currently reviewing plans to bring crypto into everyday use, with plans to let tourists spend cryptocurrencies in the country by linking them to their credit cards. Announced by Finance Minister Pichai Chunhavajira on May 26 during an investment seminar in Bangkok, the initiative is part of a broader strategy to modernise Thailand’s financial system and solidify its role as a regional hub for digital asset innovation. Under the proposal, tourists would be able to connect their crypto wallets to credit card platforms for local transactions. Vendors would receive Thai baht as usual, often without knowing cryptocurrency was used in the transaction. According to Pichai, this model avoids direct interaction with the domestic currency, reducing systemic risk. The system is currently under review by the Ministry of Finance and the Bank of Thailand, with discussions underway on launching a pilot programme once the necessary infrastructure and regulatory checks are in place. During his speech, Pichai cited international examples where crypto-credit card integration is already operational and noted that Thailand could adopt a similar model if supporting systems are implemented. A timeline for the initiative’s official rollout was not disclosed. Thailand to reform financial laws As part of a broader financial overhaul, Pichai also announced plans to unify the legal frameworks that currently govern the country’s capital markets and digital asset markets. These markets are currently regulated under separate acts, the Securities and Exchange Act and the Emergency Decree on Digital Asset Businesses, which creates regulatory fragmentation. According to Pichai, the nation is working on draft rules that would address this issue and remove the friction between the two markets. The planned reforms will reportedly align the regulatory treatment of traditional securities and digital assets, making it easier for investors to diversify across asset classes without facing legal or procedural barriers. Pichai said the reforms would reflect modern investment behaviours and streamline oversight, while also helping Thailand stay competitive with regional financial hubs. Meanwhile, the government also plans to promote “G-Tokens,” digital tokens that enable retail investors to buy government bonds in fractional units. The Ministry of Finance plans to issue $150 million worth of digital investment tokens, which, according to Pichai, are expected to broaden retail access to government bonds, offer higher returns than traditional savings, and raise international awareness of Thai sovereign debt. Thailand warms up to crypto After years of tight controls and headline-making crackdowns, Thailand’s regulators are showing signs of softening. The SEC is actively reviewing proposals to launch domestic Bitcoin ETFs, a move that could both satisfy retail appetite and help the country keep pace with competing jurisdictions like Singapore . Thailand has also explored stablecoins backed by corporate bonds and previously tested Bitcoin payments for tourists in Phuket. The post Thailand mulls crypto payments for tourists using credit cards appeared first on Invezz

Source: Invezz