Thailand Initiates Cryptocurrency Conversion for Foreign Visitors

Thailand is set to launch a scheme named "TouristDigiPay" on August 18, allowing foreign tourists to convert cryptocurrency into Thai Baht for domestic payments. This action is in response to a noticeable decline in tourism, predominantly due to fewer visitors from China. Presently, it's almost impossible for tourists to access Thai banking or online payment platforms, and direct payment with digital assets is prohibited by the central bank. The new program will operate within a regulatory framework to ensure proper oversight and risk management.

However, uptake may be limited as stringent KYC checks and the disclosure of sensitive financial information are required. Despite this, Thailand is pushing to become a cashless society and is also developing a "tourist wallet" e-money service with transaction limits for government-approved outlets.