Thailand is considering establishing a cryptocurrency sandbox in Phuket to allow foreign nationals to use digital assets like bitcoin for transactions.

Proposed by former Prime Minister Thaksin Shinawatra, this initiative aims to boost tourism and attract digital nomads and investors.

It is set to launch in October 2025, in collaboration with the private sector.

Currently, the use of cryptocurrencies as a payment method remains prohibited in Thailand under guidelines set by the Bank of Thailand (BoT).

The project would enable cryptocurrency transactions within a designated area in Phuket, even for property purchases.

Thailand has initiated various projects in digital asset innovation, including the mBridge project, which focuses on central bank digital currencies (CBDCs).

However, challenges include a lack of legal and regulatory frameworks, with authorities needing to address risks and volatility in cryptocurrency prices.