The Thai government will launch the TouristDigipay program in the fourth quarter of 2025, which will allow foreign tourists to convert cryptocurrency into Thai baht. The program will operate in the kingdom on a trial basis for 18 months, reports Bloomberg.
„We want to take measures to facilitate the stay of tourists from abroad in Thailand and offer them a new form of payment.“ “The TouristDigipay program is designed to replace the use of cash and credit cards by foreign visitors to our country“, the agency quoted Finance Minister Phichai Chunghawachir as saying at a press conference in Bangkok.
According to him, digital assets cannot be used directly as a means of payment for goods and services - they can only be converted into baht, and sellers will only receive payments in Thai currency. Transactions in which foreigners convert digital assets into Thai currency must be carried out through licensed operators and e-money service providers. The amount of transactions is capped at 500,000 baht ($15,400) per month. The restrictions, along with strict requirements for opening new accounts and activating e-wallets, are aimed at combating money laundering.
Thailand, Southeast Asia’s third-largest economy, is trying to boost tourism from the Middle East and Asia to offset a 33 percent drop in Chinese tourists in the first half of this year. On Monday, Thailand’s top planning agency lowered its forecast for the number of foreign tourist arrivals this year from 37 million to 33 million this year. The tourism industry accounts for about 12 percent of Thailand’s GDP.