BANGKOK, Thailand – Deputy Prime Minister and Finance Minister, Pichai Chunhavachira, has expressed support for the use of cryptocurrencies, or “coins,” as a medium of exchange for purchasing goods in Thailand. Speaking on the matter, he revealed plans to initially test the concept in a limited sandbox environment. He emphasized that any implementation would strictly comply with legal frameworks and assured there would be no need for new legislative amendments. The minister confidently projected that the initiative could begin within this year.
“We are exploring ways to enable cryptocurrency-based transactions, such as allowing tourists to bring their coins into Thailand. These coins would enter a verifiable system, enabling purchases to be made in coins. An intermediary exchange platform would handle the process so that buyers and sellers wouldn’t need to interact in baht directly. The funds would flow through an application and return to the clearing system, thereby boosting purchasing power,” Pichai explained.
He also highlighted the growing demand for cryptocurrency exchanges. Current data shows there are 21 million coins in circulation, valued at $100,000 per coin, equivalent to $2 trillion. However, daily trading volume is reported to be under 10 million coins, reflecting the potential for further growth in crypto adoption.
The move is expected to attract more tourists and enhance Thailand’s economic dynamism by integrating digital currency solutions into the retail sector.
