Podcast Discussion: Deep Dive Into This Article.
Thailand is rolling out a new initiative aimed at reviving its tourism sector by embracing digital assets. Starting August 18, the government will allow foreign tourists to convert cryptocurrency into Thai Baht for electronic payments under a pilot scheme called “TouristDigiPay.”
What is TouristDigiPay?
The program has been designed to make Thailand more attractive to international visitors by offering them a way to use their digital assets for everyday payments during their stay. Instead of carrying cash or worrying about exchange rates, tourists can convert crypto into baht and pay through electronic systems like QR codes.
Who Can Participate?
- Only foreign visitors temporarily staying in Thailand are eligible.
- Tourists must open an account with regulated digital asset providers and licensed e-money operators.
- Participants are required to pass strict KYC (Know Your Customer) and AML (Anti-Money Laundering) checks before using the service.
How Will It Work?
- The scheme will run under a regulatory sandbox to ensure safety and compliance.
- Converted funds will be stored in a “Tourist Wallet” developed in collaboration with the Bank of Thailand and e-money providers.
- Tourists will be able to make QR code-based payments at supported merchants.
- Cash withdrawals won’t be allowed, except when closing the account, to reduce risks of financial crime.
Safeguards and Limits
To prevent misuse and money laundering, the government has introduced strict transaction caps:
- 500,000 baht per month for merchants using card terminals.
- 50,000 baht per month for small merchants.
- Transactions at businesses considered high-risk by the Anti-Money Laundering Office (AMLO) will be restricted.
Why Now?
Tourism in Thailand has slowed down in 2024, particularly due to declining numbers of Chinese visitors. By introducing TouristDigiPay, the government hopes to attract more global travelers while encouraging the use of regulated digital assets in the economy.
Final Thoughts
The TouristDigiPay scheme reflects Thailand’s willingness to innovate and adapt blockchain technology for real-world use. If successful, this could set a new benchmark for crypto adoption in tourism worldwide — giving visitors a modern, cash-free way to experience the country.
This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
