It has been reported that the Thai government will allow tourists to exchange cryptocurrency for Thai baht and make electronic payments through electronic money service providers.
It has been reported that Thailand plans to establish a regulatory sandbox nationwide, allowing foreign tourists to convert cryptocurrency to local currency for electronic payments to promote tourism development.
According to local newspaper (National News) on Saturday, the plan named TouristDigiPay is expected to launch on Monday, allowing users to exchange cryptocurrency for Thai baht and make electronic payments through electronic money service providers.
Only tourists in Thailand are eligible to use the service after undergoing 'Know Your Customer' due diligence and opening accounts with banks in Thailand and digital asset businesses and electronic money providers regulated by the country's Securities and Exchange Commission.
Additionally, safeguards such as monthly spending limits and a ban on direct cash withdrawals will be implemented. However, it has been reported that Deputy Prime Minister and Finance Minister Pichaichunhavan will announce the full details of the TouristDigiPay plan on Monday.
Officials hope cryptocurrency can boost the tourism industry
According to (National News), the TouristDigiPay plan aims to inject new vitality into Thailand's tourism industry and directly address the issue of declining numbers of foreign tourists, especially Chinese tourists, who have long been considered the cornerstone of Thailand's tourism industry.
The World Tourism Research Institute reported on July 10 that Thailand is expected to receive about 16.8 million tourists in the first half of 2025, down from 17.7 million in the same period last year, with a 24% decrease in visitors from East Asia and a 34% decrease in visitors from China.
Reports indicate that tourists are looking at other countries in the region, such as Japan with its depreciating yen and cheaper prices, as well as relatively inexpensive Vietnam.
The report states: 'Thailand's tourism industry is expected to decline by 5% in 2025, highlighting the urgent need for Thailand to diversify its tourism industry, reposition the market, and enhance the visitor experience to remain competitive in a changing regional landscape.'
Thailand is still trying cryptocurrency
The Thai government has been reviewing the feasibility of using cryptocurrency to stimulate the tourism industry, with the country's Securities and Exchange Commission completing a public consultation on August 13 regarding the use of financial innovation and digital assets to support economic and tourism growth.
On May 26, Chunhavajira first announced the TouristDigiPay plan at an investment seminar in Bangkok.
Related: Thailand will block Bybit, OKX, and other cryptocurrency exchanges on June 28.
Previously, the Thai government announced in January of this year that it would pilot allowing foreign tourists to use cryptocurrency to pay for goods and services in Phuket, one of Thailand's most popular tourist destinations. The pilot project is still in preparation.
Countries and businesses attracting tourists with cryptocurrency
The Kingdom of Bhutan in South Asia has also taken steps to integrate cryptocurrency payments into its tourism infrastructure, such as Binance Pay collaborating with local bank DK Bank to allow users to pay fees with cryptocurrency.
Jeff Bezos's Blue Origin signed an agreement with Shift4 Payments on August 11 to offer customers the option to pay for space travel expenses with Bitcoin, Ether, Solana, and stablecoins such as USDT and USDC.
Meanwhile, in July, the United Arab Emirates signed an agreement with Crypto.com allowing passengers to use cryptocurrency to pay for tickets and in-flight shopping expenses.
