🇹🇭 Thailand plans to trial KYC'ed bitcoin payments in Phuket for tourists

The country's Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced a new initiative during a seminar organized by the Marketing Association of Thailand.

Foreign tourists in the pilot program may be able to register their coin through a Thai exchange and verify their identities before using the coins to purchase goods and services. A clearing house would subsequently convert the coins into Thai baht.

https://www.nationthailand.com/news/policy/40044945

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Discussion

I guess it's good news as it introduces more merchants to the concept of bitcoin but the KYC part ... 🤢

The KYC part seems doomed to fail eventually.

Merchants will see their bitcoin holdings gain purchasing power long term and might stop converting to Baht. When that happens they’ll start accepting BTC outside their government approved point of sales apps.

Wonderful, like Satoshi envisioned it.