Thailand is launching a „TouristDigiPay” sandbox project to allow foreign tourists to convert cryptocurrency into Thai baht to boost tourist spending. „With an estimated 35 million tourists visiting annually, a 10 percent increase in spending per person—around 5,000 baht—could generate a total economic circulation of 175 billion baht” – according to The Nation.
The system is an exchange facility, not a direct crypto payment method; tourists will convert their digital assets into baht via regulated operators, which is then loaded into an e-wallet for QR code payments. Under the new system, tourists will convert their cryptocurrencies into baht through digital asset operators regulated by Thailand’s Securities and Exchange Commission (SEC). The funds will then be transferred to an electronic wallet, overseen by the Bank of Thailand, for use at shops and restaurants across the country, typically via QR code payment. Merchants will receive the payment in baht as normal.
The 18-month trial is scheduled to begin in the fourth quarter of 2025 and will operate with spending limits for merchants and strict anti-money laundering (AMLO) and Know Your Customer (KYC) measures. Merchants who have completed a „Know Your Merchant” (KYM) process can accept up to 500,000 baht per month, while smaller vendors are limited to 50,000 baht.
Officially unveiled by Deputy Prime Minister and Minister of Finance Pichai Chunhavajira, the scheme seeks to create a new dimension in tourism by enabling visitors to easily convert their digital assets into local currency. He clarified that the scheme is not a direct payment system using digital assets.
„We are not accepting crypto as currency; we are simply facilitating the exchange for baht,” he stated. „This makes our project unique and likely the first of its kind in the world.”
Participating businesses must conduct „Know Your Customer” (KYC) and „Customer Due Diligence” (CDD) on visitors, and all digital asset wallets must be screened against a blacklist.
The TouristDigiPay sandbox is scheduled to begin in the fourth quarter of 2025.
Foto credit: The Nation
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