Thailand Launches Crypto-to-Baht Scheme to Revive Tourism Sector

The Thai government is set to roll out a new initiative called TouristDigiPay on August 18, enabling foreign tourists to convert cryptocurrency into Thai baht for electronic payments [1]. This move comes amid a decline in tourism this year and a growing interest in digital assets among international travelers. The scheme is part of a broader effort to modernize Thailand’s financial infrastructure and attract a new wave of crypto-savvy visitors.

Under TouristDigiPay, tourists must first open accounts with both a regulated digital asset provider and an e-money service provider. The program operates under the oversight of the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT), with strict Know-Your-Customer (KYC) and anti-money laundering (AML) checks required before conversions can occur. Once approved, visitors will be able to use QR code-based transactions but will not be permitted to withdraw physical cash, a measure aimed at reducing financial crime and maintaining control over the system [2].

The initiative is being introduced under a regulatory sandbox framework, allowing authorities to monitor and test the system in real-world conditions. Spending limits will be enforced to ensure financial stability, and the service is available only to temporary foreign tourists. Deputy Prime Minister and Finance Minister Pichai Chunhavajira will officially launch the program, supported by senior officials from the Finance Ministry, SEC, and other relevant agencies [1].

Prior to the launch, the SEC conducted a public consultation to assess how digital assets could support tourism and economic growth, with the feedback period closing on August 13. While no specific metrics were provided regarding the number of participants or the expected impact on tourism, the initiative reflects a strategic shift in how Thailand is integrating digital finance into its economic strategy [3].

The launch of TouristDigiPay aligns with global trends in digital currency adoption and positions Thailand as a forward-thinking destination for international travelers. The program could serve as a model for other tourism-dependent economies seeking to leverage technology for economic recovery. However, challenges such as crypto volatility and the need for a robust regulatory environment will need to be carefully managed to ensure long-term success.

Sources:

[1] Thai Government Launches Crypto-to-Baht Scheme to Boost Tourism

(https://www.reddit.com/r/ThailandTourism/comments/1mrqxkg/thai_government_launches_cryptotobaht_scheme_to/)

[2] Thailand's Ministry of Foreign Affairs led a delegation of 36...

(https://www.facebook.com/TheNationThailand/posts/thailands-ministry-of-foreign-affairs-led-a-delegation-of-36-diplomats-from-33-c/1178****44299218/)

[3] Thailand is preparing to weave digital assets into its tourism and financial infrastructure

(https://cryptodnes.bg/en/tag/stablecoin/page/4/)