Thailand launched TouristDigiPay to help tourists convert cryptocurrency to baht for electronic payments.
TouristDigiPay does not allow direct payments in cryptocurrency but only converts to Thai baht to minimize price volatility risks while enhancing the payment experience for international tourists.
MAIN CONTENT
TouristDigiPay supports the conversion of cryptocurrency to baht to facilitate electronic payments in Thailand.
The process includes opening two types of accounts and strictly adhering to KYC/CDD identity verification.
The project aims to enhance digital financial infrastructure and increase Thailand's global competitiveness.
How has Thailand implemented TouristDigiPay?
The TouristDigiPay project, launched by the Securities and Exchange Commission of Thailand (SEC) in collaboration with the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism & Sports, allows foreign tourists to convert cryptocurrency to baht for payment through an electronic application.
Instead of paying directly with cryptocurrency, tourists must convert to baht in the electronic wallet for use, thereby minimizing price volatility risks for sellers. The entire operation is supervised by the SEC in coordination with cryptocurrency service providers and the central bank.
The project starts a trial within 18 months from the fourth quarter of 2025, aiming to simplify the digital payment process and create convenience for international guests when arriving in Thailand.
How does the TouristDigiPay process work?
Users arriving in Thailand need to complete the KYC step to open two types of accounts: a cryptocurrency account with a service provider and an e-wallet account with an e-money provider.
After that, tourists can sell cryptocurrency through official channels, convert to Thai baht, and this amount will be loaded into the Tourist Wallet for electronic payments at stores that accept TouristDigiPay.
Tourists use their phones to scan QR codes at points of sale to pay in baht. Sellers will receive payments directly in the local currency, ensuring they avoid cryptocurrency price volatility risks.
"The TouristDigiPay project expands the interconnected ecosystem between the cryptocurrency trading system under the supervision of the SEC and the electronic payment system under the control of the Bank of Thailand," said Ms. Pornanong Busaratrakul, Secretary-General of the Securities and Exchange Commission of Thailand.
Statement in 2023, SEC Thailand
Ms. Pornanong also emphasized that the user identity verification (KYC/CDD) process is designed to strictly comply with AMLO regulations and relevant authorities to promptly address risks in cryptocurrency transactions.
How does Thailand enhance its global competitive position in the cryptocurrency field?
Thailand promotes the modernization of the digital asset ecosystem through TouristDigiPay, opening up many opportunities to attract foreign investment in the region and enhancing the standards for safe and efficient digital financial development.
The Royal Thai Government is committed to developing innovative financial infrastructure to integrate cryptocurrency into the traditional economy with a solid legal framework, ensuring security for businesses and consumers.
"We prioritize the development of innovation and digital finance to enhance Thailand's role on the global cryptocurrency map along with a robust governance system," said a representative of the Thai Ministry of Finance.
Official statement, 2023
Frequently Asked Questions
Does TouristDigiPay allow direct payments in cryptocurrency?
No, the project requires the conversion of cryptocurrency to Thai baht for payments to minimize price volatility risks.
What do tourists need to do to use TouristDigiPay?
It is necessary to complete KYC and open two accounts, including a cryptocurrency account and an e-wallet account as required.
Which agency oversees TouristDigiPay?
The Securities and Exchange Commission of Thailand, in coordination with the Bank of Thailand and relevant agencies, supervises closely.
When does the TouristDigiPay project start operating?
The trial is expected to begin in the fourth quarter of 2025 within 18 months.
What benefits does TouristDigiPay bring to the Thai economy?
Helps modernize digital financial infrastructure, attract foreign investment, and integrate cryptocurrency into the traditional economic system.
Source: https://tintucbitcoin.com/touristdigipay-thai-lan-doi-tien-baht/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news in the cryptocurrency market and not miss any important information!