Thailand Considers Issuing Cryptocurrency-Linked Credit Cards for Tourist Usage

Thailand Considers Issuing Cryptocurrency-Linked Credit Cards for Tourist Usage

Integration of Digital Assets into Thailand's Economy: Pichai's Vision

The Thai government is pursuing ambitious plans to integrate cryptocurrencies into the nation's economy, commencing with a groundbreaking initiative that could allow tourists to connect digital assets to their credit cards for domestic spending.

Speaking at the 'Dailynews Talk 2025: Revitalising Stocks & Crypto in H2 2025' event, Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the scheme on Monday. The event focused on 'The Charm of Thai Stocks: A Driving Force for the Economy.'

The Ministry of Finance is exploring international models to permit direct linkage between cryptocurrencies and credit cards for purchases within Thailand, with the aim of streamlining transactions for visitors. This approach would allow vendors to receive payment in local currency as usual, often unaware that the buyer employed cryptocurrency. Discussions with the Bank of Thailand (BOT) are ongoing to pilot the system before wider implementation.

In addition to tourist spending, Minister Pichai outlined a broader vision to overhaul existing legislation. The government intends to amend laws to effortlessly connect the "capital market" with the "digital asset market," which currently function under distinct legal frameworks.

This reform is designed to provide investors with greater flexibility, enabling them to transfer funds between the two markets more conveniently. It accommodates modern investment behaviors. Minister Pichai explained, "In some foreign countries, it's already possible to use crypto for purchases by linking it to credit cards. When something is bought, the vendor receives payment in local currency as normal. This approach can be immediately adapted for Thailand, provided the supporting systems are in place."

Minister Pichai also expressed optimism toward the Thai stock market, citing its resilience in certain sectors and the inherent appeal of fundamental stocks. He highlighted the minor declines in the Thai stock index compared to regional peers, despite US policy shifts, as evidence of its resilience even in the absence of severe external factors.

Further discussions are underway with various institutional funds to review their investment policies. Minister Pichai aims to amend long-standing regulations affecting institutional investors, such as insurance funds, which are currently restricted or limited in their ability to invest in stocks.

Regarding the Stock Exchange of Thailand (SET), Minister Pichai encouraged larger companies to review and adapt their business structures to align with global trends, particularly in green initiatives. For smaller companies with potential and capability, the Ministry aims to nurture their growth into medium and large enterprises, with a supporting ministerial regulation expected soon.

Meanwhile, the government is working on amending the Securities and Exchange Act to strengthen regulatory oversight, particularly concerning practices like short selling. Minister Pichai indicated that effective monitoring of short-selling could potentially lead to penalties, including civil and criminal charges, mirroring international practices. The legislative process for these proposed amendments is now in its final stages.

This piece of news aligns with Thailand’s broader objectives to modernize its financial ecosystem and enhance investor convenience by bridging the gap between traditional securities trading and the emerging digital asset space. The government has already introduced G-Tokens, blockchain-based fractional government bonds, accessible to retail investors, as part of this initiative. These digital securities are designed to provide greater investment opportunities and returns on government debt securities[1][2][3].

In addition to market reforms, Thailand is planning to allow tourists to spend cryptocurrencies using credit card-linked platforms. This measure would facilitate the use of digital assets for purchases within Thailand, benefiting the country's digital economy drive[3][4].

Source: The Nation

TAGS: Pichai Chunhavajira, Thailand, economy, cryptocurrency, digital assets, Securities Exchange Commission, Ministry of Finance, Stock Exchange of Thailand, G-Token

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6. The Integration of digital assets into Thailand's economy, as proposed by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, extends beyond tourism spending, aiming to connect the traditional capital market with the digital asset market.
7. In addition to linking cryptocurrencies with credit cards, Minister Pichai aims to amend legislation to allow institutional funds, such as insurance funds, greater flexibility in investing in stocks, aligning with foreign practices.
8. As part of Thailand's efforts to modernize its financial ecosystem, Minister Pichai encourages larger companies to adapt their business structures to global trends, particularly in green initiatives, while the Ministry plans to nurture the growth of small companies into medium and large enterprises.
9. The government is working on amending the Securities and Exchange Act to strengthen regulatory oversight, including practices like short selling, mirroring international practices and potentially leading to penalties.

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