Thailand is set to pilot cryptocurrency payments in Phuket, allowing tourists to use Bitcoin for transactions. Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealed at a seminar that the cryptocurrency pilot project will operate within the existing legal frameworks, without requiring new legislation, Thai news outlet The Nation reported on Jan. 8. This project is designed to promote the use of digital assets and enhance Thailand's appeal as a crypto-friendly destination. The initiative also aims to make cryptocurrency a practical solution for foreign residents, such as those displaced by the Russia-Ukraine war, Chunhavajira explained. He reassured attendees that the initiative would not engage in any illegal activities. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io