Thailand Launches Crypto-to-Baht System for Tourists to Revive Tourism

Thailand has launched a new cryptocurrency-to-baht conversion system for international tourists, aiming to boost its tourism sector amid declining visitor numbers. The initiative, named "TouristDigiPay," allows foreign visitors to convert their digital assets into Thai currency through regulated payment channels. The program officially commenced on Monday, with Deputy Prime Minister Pichai Chunhavajira announcing its details alongside officials from the Ministry of Finance and the Ministry of Tourism and Sports [1].

Under the system, tourists must complete identity verification and anti-money laundering checks through licensed digital asset companies and e-money institutions. These entities are regulated by the U.S. Securities and Exchange Commission and the Bank of Thailand, respectively. The program operates within a strict compliance framework, with tourists required to maintain separate accounts for digital assets and electronic money [1].

Spending limits are imposed to mitigate financial risks, with thresholds varying by merchant type. Larger businesses can process up to 500,000 baht per tourist account per month, while smaller vendors are limited to 50,000 baht per month. High-risk businesses identified by anti-money laundering authorities are excluded from the system. Notably, tourists cannot withdraw cash during their stay; they can only access their funds when closing their accounts upon departure [1].

The Bank of Thailand has developed a dedicated “Tourist Wallet” application for QR code payments, which supports visitors from countries without existing cross-border payment agreements with Thailand. The wallet is intended to improve access to local services and could eventually integrate with international debit and credit cards, expanding its functionality [1].

This initiative marks Thailand’s effort to attract a new wave of digitally oriented travelers and to address ongoing challenges in the tourism industry. By creating a regulated environment for cryptocurrency use in tourism, the country aims to enhance its global appeal and position itself as an early mover in the development of crypto-friendly travel ecosystems [1].

Sources:

[1] Thailand wields crypto conversion to strengthen tourism

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