Thailand to let tourists pay with cryptocurrency linked to credit cards

Thailand plans to integrate cryptocurrency into the country's real economy by enabling tourists to link digital assets to their credit cards for making purchases.

According to Report, citing The Nation, this initiative was announced by Thailand’s Deputy Prime Minister and Finance Minister, Pichet Chunhawan.

The Finance Ministry is studying global models that allow cryptocurrencies to be linked to payment cards.

"In some countries abroad, cryptocurrency can already be used for purchases by linking it to credit cards. When a purchase is made, the seller receives payment in local currency, often without even realizing that cryptocurrency was used. This approach can be immediately adapted for Thailand," Pichet Chunhawan said.

The government plans to amend laws to seamlessly connect the capital market with the digital asset market, which is currently regulated under separate legal frameworks. Negotiations with the Bank of Thailand have already begun.

According to the Ministry of Tourism, 13.4 million foreign tourists have visited Thailand since the beginning of the year, nearly 2% fewer than during the same period last year. The largest number of visitors came from China — 1.8 million. Malaysia ranks second (1.7 million), followed by Russia (932,000), India (880,000), and South Korea (637,000).