Thai Authorities To Offer Crypto Payments For Russian Tourists

The Thai authorities will offer crypto payments options for Russian tourists that can’t facilitate transactions otherwise, as an emergency measure so let’s find out more today in our latest cryptocurrency news.

The Phuket Tourist Association and Bank of Thailand are considering introducing crypto payment methods to Russian tourists in the country and the move will serve as an escape door for the Russian citizens after they were hit with severe sanctions from multiple countries, businesses, and companies after Russia’s attack on Ukraine.

Russia’s special military operation against Ukraine led many nations to impose heavy economic sanctions on Russia and isolate it from the global financial world. The West expelled certain Russian banks from the SWIFT system and at the same time, major companies like VISA, PayPal, and Mastercard will stop servicing Russian clients.

Contrary to the panties, the Thai authorities seek to offer alternative crypto settlement options to the Russian tourists and according to the reports, the PTA President Bhummikitti Ruktaengam said that digital assets can serve as a backup in case more transactions are canceled. He also hinted that the Thai businesses can start interacting with the Russian payment system Mir and utilize the proceedings. Ruktanegam said there are about 4000 Russian tourists and about 300-400 Ukrainian visitors in Phuket with another 3000 travelers from nations located in Krabi, Pattaya, and Koh Samui.

Ordinary tourists are allowed to stay a maximum of 60 days in Thailand but despite the many requests, the Thai authorities won’t extend the visas of those that can’t return home because of the military conflict. On the other hand, the government declared that no tourists from either country will be deported.

With the list of the financial payment providers presenting more plans to withdraw from the Russian market growing, the country started looking for other alternatives in China. A few days ago, the Bank of Russia said local lenders will be able to employ the UnionPay system which is based in Shanghai China and operates in 180 countries. The institution also added that a few Russian banks use UnionPay while others can start issuing cards that will combine Russia’s Mir settlement system with the one of china.