The Phuket Tourist Association (PTA) and the Bank of Thailand (BOT) are reportedly contemplating introducing cryptocurrency payment methods to Russian travelers in Thailand. The move would serve as an escape hatch since Russia’s citizens were slammed with severe restrictions from numerous countries, companies, and businesses following Putin’s invasion of Ukraine.
Thailand seeks to help Russians
Russia’s “special military operation” against Ukraine has led many countries to declare economic war on the largest country by landmass to isolate it from the global financial world. The West kicked some Russian banks out of the SWIFT payment system. At the same time, major companies like Visa, Mastercard and PayPal announced that they would stop serving customers based in Russia.
Contrary to those penalties, Thailand seeks to offer alternative cryptocurrency settlement options to Russian tourists. According to a local report, PTA’s President Bhummikitti Ruktaengam said digital assets could serve as a backup in case transactions are canceled.
He also hinted that Thai businesses could start interacting with Russia’s Mir payment system and using procedures with each other.
Ruktaengam said there are currently 3,500 to 4,000 Russian tourists and 300 to 400 Ukrainian visitors in Phuket. Another 3,000 travelers from both countries are in Krabi, Koh Samui and Pattaya.
Ordinary tourists are allowed to stay a maximum of 60 days in Thailand. Despite the numerous requests, the Thai authorities said they will not extend the visas of those who cannot return home due to the military conflict.
On the other hand, the government declared that no tourists from either country will be deported against their will.
Russia turned to Chinese UnionPay
As the list of financial payment providers with withdrawal plans from the Russian market continues to grow, the country has started looking for monetary alternatives in its southern neighbor China.
A few days ago, the Bank of Russia said local lenders will be able to employ the UnionPay system. The latter is headquartered in Shanghai, China, and operates in more than 180 countries, the central bank stated.
The institution also added that several Russian banks are already using UnionPay, while others (including Sberbank and Tinkoff) may start issuing cards, which combine Russia’s Mir domestic settlement system with China’s system.
