Thai Government Plans to Enable Crypto Spending via Credit Cards for Tourists
Thailand has recently announced plans to introduce a novel initiative that would allow international tourists to spend cryptocurrencies through credit card-linked payment systems. The ambitious move, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at an investment seminar in Bangkok, is part of the country’s broader efforts to integrate digital assets into its […]
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Thailand has the right mix of ingredients for Bitcoin to succeed – a large number of foreign tourists, inflows of multiple foreign currencies and tech-friendly banks. What is the catalyst required for Bitcoin to succeed in Thailand? High dependence on tourism. Thailand is a tourist-friendly nation and tourism contributes to over 19% (directly and indirectly) of the country's annual GDP. Over 25 million tourists visit Thailand every year, spending in excess of USD 40 Bn in the country. Tourism and travel account for 6% of the country's direct employment and a significant portion of the....
The plans to add crypto to credit cards impressed the community. With such additions, users can access credit facilities in crypto for payments or other activities. A credit card is one of the fastest means of accessing money for payments. Many countries operate a cashless economy whereby debit and credit cards reign. But according to […]
Bitcoin is considered to be the best companion of the tourists. Thanks to the universal nature of the digital currency, it can be used anywhere in the world, provided the merchant accepts it. But now we have bitcoin-powered debit cards. These cards are like normal debit cards issued by banks except that it is connected to a bitcoin wallet. Most of these bitcoin-powered debit cards are connected issued by authorized issuers of well-known electronic payment providers like Visa and MasterCard. These cards will work at any point of sale terminals that are part of the network. This way, people....
Crypto-linked card spending is on the rise. Visa shared this week that consumer spending with Visa-based crypto credit cards has exceeded $1B this year, through just the first six months of the year. Increasing Adoption Through Accessibility Visa also shared this week that it plans on partnering with 50 different cryptocurrency platforms to allow ease […]
Thailand is moving ahead with a plan to let foreign tourists spend cryptocurrency during their visits. The new scheme, called TouristDigiPay, will launch on August 18 and allow visitors to convert crypto into Thai baht for electronic payments. Related Reading: Bitcoin Miner Tied To Trump Spends $314 Million On Chinese Computer Chips The announcement comes […]