[Translate to English] Bitcoin adoption in Thailand led by the tourism industry ~ Pattaya Beach Garden/Thailand

Bitcoin Adoption in Thailand Driven by Tourism Industry Focus — Pattaya Beer Garden/Thailand

Discussions حول Bitcoin scaling are particularly influential for some companies. However, among real-world companies watching Bitcoin prices react to such debates, few hold as much Bitcoin as Pattaya Beer Garden, a tourist hotspot. Bitcoin.com discussed the adoption trend in Thailand with Peter Noid. Noid is the owner of a popular restaurant-bar operating in Pattaya, a resort area southeast of Bangkok.

Bitcoin Available at Pattaya Beer Garden in Thailand

Pattaya Beer Garden, a popular venue housing about 400 people and drawing around 2,000 visitors daily, began accepting Bitcoin in the early part of 2014 when the Thai government relaxed its stance on Bitcoin adoption in supporting the tourism industry. “I have been an early supporter of Bitcoin,” Noid said. “As soon as the Thai government announced that Bitcoin is not illegal, we began accepting it.”

In 2013, the Bank of Thailand declared Bitcoin use in the country illegal. Yet, in early 2014, that stance changed, stating it was no longer illegal. Noid explained that buying Bitcoin domestically and selling it overseas is still heavily regulated in Thailand.

With the stance on Bitcoin softened, “we were able to start accepting Bitcoin,” he reflects. Although there is no official Bitcoin law in Thailand, the central bank’s view is respected, so early adopters could not operate openly.

While the infrastructure for Bitcoin adoption has been established, retailers remain cautious to this day. “Thailand has many excellent local exchanges with ample liquidity, and the infrastructure is in place,” Noid stated. However, “the adoption rate in shops is very low. A few stores in Pattaya have implemented it, with Bangkok showing slightly more uptake,” he added.