Thailand’s finance minister, Pichai Chunhavajira, is focusing on the adoption of digital assets in the country. Despite acknowledging global demand, he notes Thailand’s unpreparedness for widespread digital currency use. The idea is to create a platform for potential users, especially tourists, to engage in property transactions using cryptocurrencies.

A controlled crypto payment pilot will start in Phuket, aiming to integrate within legal frameworks. This initiative may allow tourists to register their coins locally for property purchases. By utilizing a tourist-focused exchange platform, payments can be made effectively without buyers and sellers knowing the currency details initially.

Despite efforts, Thailand’s central bank opposes decentralized digital assets, creating barriers for the pilot. Moreover, foreign visitors face difficulties accessing local platforms due to registration challenges. The Thai government is reforming taxes affecting foreign investor money, while the local crypto market transitions focus from retail to institutional investors.