The Thai government launched a new program on August 18 to boost the tourism industry by allowing foreign visitors to convert cryptocurrencies into baht for payment

Thailand seeks to stimulate tourism.

According to the Nation Thailand newspaper, the program called "TouristDigiPay" that allows foreign tourists to convert cryptocurrencies into baht for payment is the Thai government's solution to the decline of the tourism industry this year.

The details of the program were announced at a press conference chaired by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, in the presence of key officials from the Ministry of Finance, the Securities and Exchange Commission (SEC), the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports.

The idea of using cryptocurrencies to stimulate tourism is under constant review by the Thai government. The SEC recently completed its public consultation on the use of financial innovation and digital assets to support economic growth and tourism. The deadline for receiving comments is set for August 13.

As part of the new program, foreign tourists who wish to convert digital assets into baht for spending must open an account with a digital asset company and a cryptocurrency service provider, both regulated by the SEC and the Bank of Thailand (BOT).