A popular destination for many Russians, Thailand is now looking for ways to facilitate their payments amid widening western sanctions over Moscow’s military invasion of Ukraine. As Russians face severe financial restrictions, the tourism industry has begun to explore cryptocurrency as an option.
Thailand’s authorities are considering accepting cryptocurrency from Russian visitors
Negotiations are ongoing between the Phuket Tourist Association and the Bank of Thailand to explore alternative payment methods for Russian tourists. This effort is necessary after Visa and Mastercard stopped supporting Russian-issued cards in the country. It also adds to Moscow’s pressure to stop its military aggression on Ukraine.
Bhummikitti Ruktaengam, the Phuket Tourist Association’s president, has recently discussed the possibility of allowing Russian tourists to use cryptocurrencies as an emergency measure, a backup option, if fiat transactions cannot be processed, the Nation Thailand daily reported.
A PTA official suggested Thai companies integrate Mir, a Russian card payment system Mir. Mir was created after certain Russian banks lost services to Visa and Mastercard in 2014 following the annexed Crimea.
Another media report revealed that Chinese payments platform Unionpay was used by companies working in tourism to offer Russians another way to pay their bills.
Millions of Russian- and Ukrainian Tourists are Stranded in Thai Resorts
Up to 4,000 tourists from the Russian Federation are currently in Phuket, a province of over 30 islands off Thailand’s southern coast. One of the most popular destinations on Russia’s tourist market is Phuket. Bhummikitti indicated that between 300 to 400 Ukrainians are currently there.
According to TAT (Tourism Authority of Thailand), another 3000 tourists come from each country and are vacationing in Pattaya. The ongoing war in Ukraine has left them stranded or prevented them from returning home.
Russia’s Aeroflot and S7 Airlines are not flying to Phuket after a number of nations closed their airspace to Russian planes. While the government of Bangkok waived the $60 visa extension fee to Russians and Ukrainians, TAT and tour operator are considering other options for tourists.
When Russian forces crossed over the border into Ukraine, hostilities began in Ukraine. The U.N. UNHCR reported that more than a million Ukrainians sought refuge in neighbouring countries within the first week after the conflict. To fund humanitarian aid and defense, authorities in Kyiv have used crypto donations.
You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
Are you unsure if cryptocurrency could be a feasible payment method for Russian tourists, as Russia is under increasing sanctions? Please share your views on this topic in the comment section.
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