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Russian expats in Phuket want to pay with stablecoins
The use of stablecoins is expected to become more widespread, with benefits including same-day execution.
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It’s only a matter of time before authorities across South-east Asia allow crypto firms to also act as regular payment-service providers.
PHOTO: BLOOMBERG
Andy Mukherjee
Stablecoins have come to the sandy beaches of Phuket. The tens of thousands of Russians who have migrated to the popular Thai tourist town since the start of the war in Ukraine
But friction arises when they try to use their Tether, or USDT, in the local economy: to pay rent, buy property or pay school fees. If they are official residents of Thailand with local currency bank accounts, they can convert these 1:1 representations of the dollar on digital asset exchanges and obtain fiat money deposits. However, one seamless, low-cost transaction, where they spend their Tether and merchants receive Thai baht, isn’t allowed under current regulations.
