This initiative will be implemented following infrastructure and regulatory reviews by the Ministry of Finance and the Bank of Thailand. In this new system, crypto payments made by tourists will be converted in the background, and local merchants will receive payments in Thai baht, often without realizing that cryptocurrencies were used.

Finance Minister and Deputy Prime Minister Pichai Chunhavajira, speaking at an investment seminar in Bangkok on May 26, stated that the system could increase foreign currency inflows and reduce volatility in the local currency.

Major Financial Law Reforms on the Horizon

Beyond crypto usage, the Thai government is working on a broader plan for financial reform. Minister Pichai emphasized the need to consolidate traditional capital markets and digital asset markets under a unified legal framework.

Currently regulated under separate laws, these two financial sectors will be brought into better alignment through upcoming legislative changes. Additionally, institutional investors such as life insurance firms and large funds, which are currently limited to government bonds, may gain flexibility to invest in private sector assets. This change could enable more capital flow into the real economy.

A Fairer and More Innovative Market

The reforms will also address market areas prone to manipulation, such as high-frequency trading. A new draft law aims to grant broader enforcement powers to the Thai Securities and Exchange Commission (SEC), including the ability to bring major cases directly to prosecutors.

Blockchain-Based “G-Token” Era for Government Bonds

Pichai reaffirmed his support for cryptocurrencies, stressing the importance of clear regulations that promote innovation while protecting financial stability. In this context, the newly introduced “G-Token” project will allow retail investors to invest in government bonds using blockchain technology and fractional units.

On May 13, the Ministry of Finance announced plans to issue $150 million worth of digital investment tokens, which will make government bonds more accessible to a wider base of investors.

Meanwhile, in February, a tokenized securities trading platform was proposed for institutional investors. In March, Tether’s USDt and Circle’s USDC were approved for trading on regulated exchanges across the country.

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