Pilot "TouristDigiPay": crypto-to-cash for foreign tourists
What is it?
Thailand will launch an 18-month pilot program called TouristDigiPay, allowing foreign tourists to convert cryptocurrencies (such as BTC or ETH) into Thai baht to pay at local businesses. It is not a direct crypto payment, but a conversion through regulated platforms.
Main objective:
Revitalize its tourism sector, affected by the decline in international visitors. This system is expected to boost spending by digital travelers.
Key aspects of the system
Spending limits:
Monthly cap of 550,000 baht (≈ 16,950 USD) per tourist, with limited income risks to prevent money laundering.
Practical operation:
1. Tourists convert crypto to baht through authorized exchanges.
2. Money is sent to e-wallets connected to the country's payment system.
3. Payments to businesses are made in baht via QR code, without actually touching cryptocurrencies.
4. Cash withdrawals are not allowed: transactions remain blocked until the tourist leaves the country.
Strict regulatory environment:
The program is overseen by agencies such as the Ministry of Finance, the Securities and Exchange Commission of Thailand, the Anti-Money Laundering Office, and the Bank of Thailand. It includes KYC controls, continuous monitoring, and exclusion of certain high-risk businesses.
Economic potential:
The program is projected to generate up to 15 billion USD in economic activity, attracting tourism with modern and secure digital payments.
Thailand is betting on a modern and digital tourist experience, positioning itself as a friendly destination for cryptocurrency travelers. TouristDigiPay aims to provide a secure, regulated, and innovative solution without directly exposing businesses to the risks of cryptocurrencies.
