The Thai Baht (฿) is the official currency of Thailand. It is subdivided into 100 satang and has been in circulation since 1897. The baht has been used as a form of payment for goods and services throughout Thailand’s history, with its use gaining popularity over the last couple centuries due to increased trade between countries in Southeast Asia.
In recent years, there has been increasing interest in cryptocurrencies among those who live or conduct business within Thailand. As such, an increasing number of exchanges now allow people to buy and sell digital currencies using Thai Baht as their base currency – meaning they can buy Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) or any other cryptocurrency by depositing THB directly from their bank account into their exchange wallet.
The process for buying crypto with Thai Baht on an exchange involves submitting relevant KYC/AML documents before being allowed to deposit funds into one’s account balance via a supported payment method like e-wallet transfer or bank wire transfer. Once these steps have been taken, users are able to purchase BTC, ETH, XRP etc., at market rates based on current supply and demand conditions within the order books available on each exchange platform.
Before trading cryptocurrencies with Thai Baht it is important that individuals take time to understand both the risks associated with investing in digital assets as well as familiarize themselves with local laws related to this activity – especially when it comes to taxes which may be due depending on how profits are generated and withdrawn from exchanges located overseas.