Answered6 months ago
Is it feasible to use cryptocurrency and decentralized finance (DeFi) for daily transactions in Thailand?
The responses about the banking was really helpful.
Since all bank accounts “can” be frozen because they are owned by corporations.
I just had a thought to ask, what about crypto?
Has anyone shifted to being predominantly decentralised banking/defi?
Transferring crypto to stable coin then putting that into a digital wallet which there are now cards for I believe.
To use as cash.
Since all bank accounts “can” be frozen because they are owned by corporations.
I just had a thought to ask, what about crypto?
Has anyone shifted to being predominantly decentralised banking/defi?
Transferring crypto to stable coin then putting that into a digital wallet which there are now cards for I believe.
To use as cash.
Answer summary
The discussion revolves around the practicality of using cryptocurrency and decentralized finance (DeFi) in Thailand, especially in light of the potential risks associated with traditional banking, where accounts can be frozen. Participants exchange ideas on the legal status of crypto in Thailand, its use for investments, and the challenges of using it as a means of payment. While many acknowledge that crypto cannot be used directly for purchases, several mention solutions like crypto cards that allow spending in Thai Baht by converting crypto at the point of sale. However, issues such as high fees and limited acceptance of crypto among vendors are highlighted, suggesting that while feasible, using crypto for daily transactions in Thailand remains complicated and costly.
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Krystian ******
Problem with this is fees and exchsnge rate on this cards. Basically its expensive to use long term. You can get Coinbase card or hyperbeat
Marco ********
Use novawallet. Top it up wirh usdt and then just pay within the standard thai qr payments system or withdraw it to thb via cardless cash ATMs.
Rick ****
Crypto as a form of digital currency was great in theory but the transfer fees really killed the adoption. They should really kill the transfer fees for small amounts.
Leena ***********
OPAren’t high fees the scam platforms? Fees shouldn’t be high at all
Rocky *******
Rick Ny Fees are pretty low right now, made several transfers and only paid 8 to 20 cents each.
Bill *********
Still way too early for utilizing crypto in any meaningful way in Thailand from what I have observed
Colin *******
One day you will open your Crypto Wallet and it will be Empty, loved by Cyber Criminals and dodgy Governments, buyer beware...
Mark *********
what are you going to do with crypto? You can't deposit it and get Thailand immigration to recognize it. can you spend it at stores?
Tore *********
Mark Schultz huh? Of course you can. There are multiple thai regulated exchanges that work well with thai bank accounts. And there are many solutions to use visa/Mastercard directly with crypto:stable coins
Mark *********
Tore Valberg My problem is the fees. I have not beat the combination of wise and Bangkok Bank for both the correct annotation of the money and how much it cost to convert and transfer currency to Thailand.
Dean ******
Mark Schultz What don’t you get about peer to peer payments ??Some Thai Real estate agents are now accepting BTC as payment
Christer *****
Useless for a visa
Elías ********
Why don't you use a bank from your home country? They won't likely freeze your account, will they?
Leena ***********
OPElías Molina in one of the previous chats it was about any bank being able to freeze any account at any time but yes, that’s an option
Hǝınz ***********
No bank account will be frozen if you meet the requirements.
Tomas *******
AFAIK Crypto is illegal in Thailand
Krystian ******
Tomas Arndt its legal and well i do millions in crypto in Thailand
Steve ********
Tomas Arndt not true, and gains on local exchanges are not taxed, yet. I have been cashing out crypto here for years, no problems. However, there are KYC requirements and a foreigner can pass them. An issue for some may be you can only cash out to a Thai bank account in your name.
You can move a few thousand dollars for a few cents if timed correctly and cashing out with bitkub is only 20b. A little complicated but saves a lot of money in fees.
You can move a few thousand dollars for a few cents if timed correctly and cashing out with bitkub is only 20b. A little complicated but saves a lot of money in fees.
Krystian ******
Steve Carter same works great no tax
Tore *********
Tomas Arndt otherwise you feel ok? Why you feel the need to make up sh*t?
Tomas *******
Tore Valberg Thanks for your kind words
Hǝınz ***********
Tomas Arndt it's legal. However you cannot use it to pay for goods and services.
Rick ****
Hǝınz Mɐzǝnɐnǝɹ You can use it to pay for goods. It is just that people need to accept it and very few do.
Tore *********
Hǝınz Mɐzǝnɐnǝɹ I do all the time with Nexo. But nexo accounts obviously registered in home country. I even tap in/out mrt using that card haha.
Paul ********************
Tomas Arndt no crypto is illegal for use as a means of exchange, but not illegal for investment purposes...
👇👇👇
👇👇👇
Ivan ************
Paul "However, some exceptions exist where an intermediary converts the crypto into Thai Baht during the transaction" - that's what the crypto cards do
Tohksic ******
Thanks for drawing out the crypto retards
Mateusz ****
It actually drawn people who have no clue what they are talking about. Crypto is absolutely legal in Thailand. Licensed exchanges exist. It is just not recognized as form of legal tender like in most countries.
Paul ********************
Crypto is illegal as a means of purchase in Thailand and only permitted for investments only via Thai exchanges and you need to go through a KYC process and yes they can freeze you crypto account as well
Tore *********
Paul Anthony McDermott while true, crypto visa/mastercards work perfectly fine in Thailand. And not illegal as its auto-converted when spending. You spend Thai Baht
John **********
Not sure how you could use crypto for day to day spending and definitely can't use it for immigration purposes
Tore *********
@John *********
works perfectly fine for day to day spending. Thai regulated exchanges works very well with Thai bank accounts.
Plenty visa/mastercard solutions that work legally as you spend in Baht, thats then deducted from crypto/stablecoins.
I use it almost daily. Even work on mrt tap
Leena ***********
OP@John *********
well the crypto accrues digital currency because one can do more than just buy and sell stocks, you can lend, yield farm and liquidity pool etc then one can move that DC (digital currency) to a stable coin on the metal block chain that goes into a card which converts it to spendable US digital currency. I saw this thing about a dad that moved to Phuket and travelled thw world with his family just on crypto alone and started a crypto bar that accepted crypto as payment in Phuket. I wonder how he did it.
Ivan ************
@Jo**
you can get a Visa/MasterCard that is funded with crypto, you use it like any other card, either spending directly or can get cash out of ATMs (normal ATMs, not Bitcoin ATMs). It converts automatically at the point of sale. Not recommending it, just explaining.Paul ********************
@John *********
the only thing crypto is good for in Thailand is for investment purposes, you legally can't use it as a means of exchange
Potpon******
Where are you going to spend it or the bigger thing is exchange it
Please tell me where I’m curious
Please tell me where I’m curious
Jx ******
Potpong_Life many crypto apps now have visa/master card. Deposit stable coin, tap and pay anywhere.
Many p2p exchangers also do crypto to physical cash.
Many apps/exchanger's for crypto to bank transfer ( allows you to only deposit what's needed in your bank for specific purpose)
Many p2p exchangers also do crypto to physical cash.
Many apps/exchanger's for crypto to bank transfer ( allows you to only deposit what's needed in your bank for specific purpose)
Potpon******
Jx Defi so all I hear is you still need a bank which is on the SWIFT network
It’s not decentralized as people Make it out to be
Got it
It’s not decentralized as people Make it out to be
Got it
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