In a recent announcement on X, Phuket in Thailand is all set up to establish a Bitcoin sandbox. With this move, Thailand aims to attract and promote tourism within the region. The sandbox is said to be released in October 2025.
Thailand has announced plans to create a Bitcoin Sandbox in Phuket
The former president’s vision
The proposal was proposed in December 2024 by former Thai Prime Minister Thaksin Sinawatra. The former Prime Minister wanted to launch the initiative to attract codes within the country.
The easiest way to kick off this initiative is to showcase crypto tourists and use crypto and Bitcoin for real estate and tourism services without the constraints of traditional cash transactions.
Government support and implementation
According to current Deputy Prime Minister and Finance Minister Pichai Chunhavajra, the pilot program for the initiative will be implemented in the existing framework so as not to require a new set of rules for this initiative.
Bitcoin is registered through Thai exchanges, tourists have to go through the verification process, and the Clearing House converts Bitcoin payments to Thai baht, keeping merchants at a loss.
Industry reaction
This initiative is consistent with the current trend the world is trying to create Bitcoin reserves as a hedge against inflation. Thailand is doing its part and is trying to adopt cryptocurrency whenever possible.
The proposed initiative caught the eye of former Binance CEO Changpeng Zhao (CZ). He retweeted the post, praiseping Thailand’s thoughts on progress towards X.
Future challenges
The news sent a sense of excitement within the crypto community, but the proposal has not yet been passed by the Bank of Thailand. Existing rules and regulations do not include such proposed sandbox governance. The concerns also delve into the volatility of digital assets, which are integrated into standard accounting practices.
With this move, Phuket aims to streamline large-scale transactions, attract more international investors, and create a new ecosystem for blockchain-based services. If successful, the same model can be adopted at other tourist destinations.
Also Read: Ukraine aims to “crypto” by summer 2025
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