Thailand launches a new digital payment plan, allowing foreign tourists to exchange cryptocurrencies for Thai baht.
According to The Nation, Thailand officially launched a new system called 'TouristDigiPay' on Monday (August 18), allowing foreign tourists to convert cryptocurrencies into Thai baht as a new measure by the government to boost the tourism industry impacted by the decline in tourist numbers. Deputy Prime Minister and Finance Minister Pichai Chunhavajira will officially announce the plan at a press conference, with senior officials from the Ministry of Finance, Securities and Exchange Commission (SEC), Anti-Money Laundering Office, and the Ministry of Tourism and Sports also in attendance.
This initiative aligns with broader efforts to promote the tourism industry and stimulate the local economy through regulated digital finance. The Thai Securities and Exchange Commission guided this initiative and explored how digital assets can facilitate tourism-related spending. Under this plan, foreign tourists must open accounts with approved digital asset and electronic currency providers, which will convert cryptocurrencies like Bitcoin into Thai baht for local consumption.
The plan will operate within a regulatory sandbox to ensure supervision and strict compliance with customer identity verification (KYC) and anti-money laundering (AML) standards. As part of this initiative, electronic currency providers will issue dedicated tourism wallets, which will enable seamless currency conversion and may be linked to foreign debit and credit cards. Eligibility is limited to foreign tourists temporarily staying in Thailand, and strict customer identity verification and due diligence checks must be conducted to meet anti-money laundering office standards.
Set spending limits to prevent abuse, adopting a QR Code payment model.
Under the new system, foreign tourists can convert their cryptocurrencies into Thai baht and spend electronically, such as through QR Code payments. Direct purchases using digital assets will not be permitted. To prevent abuse, the government will implement spending limits, with large merchants using card terminals allowed to process up to 500,000 baht per month, while small merchants face a limit of 50,000 baht.
The launch of this plan follows a public consultation by the Securities and Exchange Commission on the role of financial innovation and digital assets in supporting economic and tourism growth, which concluded on August 13. Officials expect the TouristDigiPay plan to provide new channels for tourists to spend in Thailand while strengthening the country's position as a regional digital finance hub.
Further reading.
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Thailand's tourism upgrade! Phuket trials cryptocurrency payments, making spending more convenient for international tourists.
Is Thailand planning to introduce Bitcoin payments? Phuket becomes a cryptocurrency tourism experiment ground, an opportunity for the tourism industry has arrived.
Tourism revenue has declined, with a significant reduction in Chinese tourists being the main reason.
This initiative is not surprising, considering that the tourism industry is one of the main sources of income for this Asian country. According to Government Deputy Spokesperson Sasikan Watthanachan, the country welcomed about 20 million international tourists from January to August, generating approximately $26.25 billion in revenue.
However, Thailand's tourism revenue has declined this year, primarily due to a sharp drop in the number of Chinese tourists. As tourism is a vital part of the economy, authorities are now turning to new methods to attract tourists back. Taking this into account, the Thai government hopes to attract more international tourists to its shores and solidify its continued support for regulated cryptocurrency operations.
Thailand actively embraces cryptocurrency, launching several favorable policies.
In recent months, Thailand has steadily embraced cryptocurrency, authorizing stablecoins like $USDT and $USDC for commercial use. Additionally, the government recently enacted a five-year personal tax exemption on profits from the sale of digital assets, effective from January 2025 to December 2029.
These policies demonstrate that the Thai government is actively adopting innovative digital financial solutions, not only to boost the tourism industry but also to maintain a leading position in regional digital economic competition. The implementation of the TouristDigiPay plan will inject new vitality into Thailand's tourism industry while providing a more convenient consumption experience for global cryptocurrency users.
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This content is generated by Crypto Agent summarizing various information, reviewed and edited by Crypto City, and is still in the training stage. There may be logical biases or information errors, and the content is for reference only; please do not consider it as investment advice.
The article 'Thailand's New Move to Save Tourism, Launching the TouristDigiPay System Allowing Travelers to Exchange Cryptocurrencies for Thai Baht' was first published in 'Crypto City'.
