BANGKOK – In a significant move to revitalize its tourism sector, the Thai government is set to officially launch "TouristDigiPay" on August 18. The new initiative will allow foreign visitors to convert their cryptocurrencies into Thai Baht for electronic payments.
The program is a direct response to a slowdown in tourist arrivals, particularly from China, and aims to attract a new wave of digitally-savvy travelers. Under the "TouristDigiPay" scheme, foreign tourists will be able to exchange their digital assets for Baht and make payments via a QR code-based system.
To use the service, tourists must open accounts with a digital asset business and an e-money provider, both of which are regulated by the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). The system will operate within a regulatory "sandbox" to ensure proper oversight, and all participants will be subject to strict "Know Your Customer" (KYC) and anti-money laundering checks.
While the service facilitates the conversion of crypto into local currency for electronic payments, it is important to note that the direct use of digital assets as a form of payment is prohibited. The initiative is a strategic step for Thailand to embrace financial innovation while maintaining regulatory control and ensuring financial security.
