On August 18, Thailand will launch the TouristDigiPay initiative, allowing foreign guests to convert cryptocurrency into Thai baht for online payments. This is reported by Crowdfund Insider.
The service will open opportunities for tourists to exchange digital assets and make electronic payments by scanning a QR code.
According to journalists, the new program will be announced at a press conference on Monday by Deputy Prime Minister and Finance Minister Phichai Chunhavanjira, with the participation of local regulators.
To use TouristDigiPay, guests in Thailand must open accounts with both a digital asset company and an electronic money provider, regulated by the local Securities and Exchange Commission (SEC) and the Central Bank.
Participants must also undergo KYC and 'reliability checks' in accordance with the criteria set by the Anti-Money Laundering Office.
The model operates within a regulatory 'sandbox', which provides oversight and prevents the direct use of digital assets as means of payment.
The Senior Director of the Department of Payment Systems and Financial Technology Policy of the Bank of Thailand, Napongthawat Phothikit, reported on the already prepared 'tourist wallet'. It simplifies payments for people from countries where cross-border QR payment agreements are not in effect.
Initially, the system will function as an electronic money platform for currency conversion, with plans to connect it to foreign debit and credit cards in the future.
For vendors using terminals, there is a monthly limit on cryptocurrency payments of 500,000 baht (~$15,400), and for small entrepreneurs, the limit is 50,000 baht (~$1,500).
It is worth noting that in May, the Thai government announced the launch of the G-Token digital investment token. The SEC emphasized that the asset designed by the Ministry of Finance to cover the budget deficit cannot be used for the payment of goods or transfers.