Thailand Adopts Cryptocurrencies in New Tourist Program
- Thailand Launches TouristDigiPay for Cryptocurrency Payments
- Tourists will be able to convert cryptocurrencies into Thai baht
- SEC and Bank of Thailand supervision ensures safety
The Thai government has confirmed the launch of TouristDigiPay, scheduled for August 18th, a program that will allow foreign visitors to use cryptocurrencies converted into Thai baht for electronic payments during their travels. The initiative comes amid a decline in local tourism and aims to attract more visitors to the country.
To participate, tourists will need to open accounts with an authorized digital asset provider and a regulated e-money service. The process will be closely monitored by the Securities and Exchange Commission of Thailand (SEC) and the Bank of Thailand (BOT), enhancing the system's security.
Joining the program will require rigorous KYC and anti-money laundering checks. Only after this approval will it be possible to convert cryptocurrencies into baht and make payments via electronic means, including QR codes. Cash withdrawals will not be permitted, as a way to reduce the risk of financial crime.
TouristDigiPay will operate within a regulatory testing environment, known as a sandbox, which will give authorities the opportunity to evaluate the system's performance under real-world conditions. Additionally, there will be spending limits to preserve financial stability. Use will be restricted to foreign tourists on temporary stays.
The program will be officially presented by Deputy Prime Minister and Minister of Finance, Pichai Chunhavajira, alongside representatives from the SEC, the Ministry of Tourism and Sports, the Ministry of Finance and the Anti-Money Laundering Office (AMLO).
Thailand had already been discussing ways to integrate digital assets into tourism. After a public consultation that closed on August 13, the SEC reviewed proposals on how cryptocurrencies could contribute to the country's economic growth.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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