The Thai government has announced plans to introduce a new framework enabling international tourists to link their cryptocurrency holdings directly to credit cards for payment purposes. This initiative aims to integrate digital assets into the country’s financial infrastructure, thereby modernizing the economy. The announcement was made by Deputy Prime Minister and Finance Minister Pita Limjaroenrat during an investment seminar held in Bangkok. Under this proposed system, tourists will be able to connect their crypto wallets to credit cards, facilitating seamless local transactions. Merchants receiving payments will be credited in Thai Baht and will remain unaware that the initial transaction involved cryptocurrencies.
According to the Finance Minister, this approach is designed to mitigate the financial risks associated with direct cryptocurrency usage, thereby safeguarding the stability of the Thai currency. This move forms part of Thailand’s broader strategy to attract technologically savvy international visitors and position the nation as a forward-looking, digitally inclusive economy. The Ministry of Finance and the Bank of Thailand are currently reviewing the system, and it will be implemented pending regulatory approval. The rollout will begin with a pilot phase, which, if successful, could serve as a model for further integration of digital assets into the country’s financial ecosystem.
In parallel, Thailand is undertaking reforms in its financial regulatory framework to unify rules governing traditional investment markets and digital assets. The government also plans to relax certain regulations for institutional investors to enable greater access to more lucrative private sector investments. Additionally, new legislation is underway to enhance the authorities of the Securities and Exchange Commission (SEC) for expedited legal proceedings against major violations.
Furthermore, the Finance Minister introduced the concept of “G-tokens,” which are blockchain-based government bonds designed to offer improved returns to small investors. These initiatives collectively aim to strengthen Thailand’s international financial standing and expand investment opportunities within the country.
For further details, the full report can be accessed here: https://bitcoinist.com/thai-government-plans-crypto-spending-credit-cards/
