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 allow 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 Minister of Finance Pichai Chunhavalit 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 'due diligence' checks in accordance with the criteria of the Anti-Money Laundering Office.

The model operates within a regulatory 'sandbox', which ensures oversight and prevents the direct use of digital assets as payment methods.

Senior Director of the Payment Systems and Financial Technology Policy Department of the Bank of Thailand, Napongthawat Photthikit, announced the already ready 'tourist wallet'. It simplifies payments for people from countries where cross-border QR payment agreements do not operate.

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 those using vendor terminals, there is a monthly limit on cryptocurrency payments of 500,000 baht (~$15,400), and for small entrepreneurs, it is 50,000 baht (~$1,500).

Recall that in May, the Thai government announced the launch of the G-Token digital investment token. The SEC emphasized that the asset developed by the Ministry of Finance to cover the budget deficit cannot be used for the payment of goods or transfers.

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