Thailand Allows Russian Tourists To Use Cryptocurrencies For Tourism In The Land Of The White Elephant

Government allows Russian citizens to use crypto for tourism in Thailand. (Photo; Mathew Schwartz-Unsplash)

JAKARTA – In the midst of economic sanctions imposed on Russia, the Thai authorities through the Bank of Thailand (BOT) and the Phuket Tourist Association (PTA) have allowed tourists from Russia to use cryptocurrencies as a medium of exchange. The use of this cryptocurrency is intended for Russian civilians who want to travel in Thailand.

This act is a breath of fresh air for Russian citizens after their country was sanctioned for invading Ukraine. In addition, Russian citizens are also affected by strict restrictions from various countries, companies, and the global business environment.

According to Cointelegraph, Russia's "special military operations" against Ukraine led many countries to declare economic war against the country in order to isolate Russia from the global financial world. Western countries have expelled a number of Russian banks from the SWIFT payment system. At the same time, major companies such as Visa, Mastercard, and PayPal announced that they would stop serving clients based in Russia.

Contrary to the above measures, the Thai government is trying to offer Russian tourists alternative cryptocurrency settlement options. This was demonstrated by PTA President Bhummikitti Ruktaengam who stated that digital assets could be used as a payment option if the transaction was canceled.

In addition, Ruktaengam also explained that Thai businesses are starting to be able to interact with the Russian payment system Mir. This is considered beneficial for both parties.

The PTA official claimed there were 3.500 to 4.000 tourists from Russia. While tourists from Ukraine around 300 to 400, who visited Phuket. Another 3,000 tourists from the two countries chose to travel to Krabi, Koh Samui, and Pattaya.

The Thai government also allows tourists to stay in the land of the White Elephant for a maximum of 60 days. However, the government stressed that it would not extend tourist visas from the two countries due to military conflicts. On the other hand, the government stated that no tourists from either country would be deported without their decision.

Due to economic sanctions from various countries and financial companies. Russia is reportedly looking for another alternative to China. Therefore Russia uses China's UnionPay combined with Russia's Mir payment system.