Thailand Introduces Crypto-to-Baht Conversion System to Revive Tourism

Thailand is launching a cryptocurrency conversion system for tourists, allowing visitors to exchange digital assets for Thai baht through regulated channels. The 'TouristDigiPay' initiative, set to begin Monday, aims to bolster the country's struggling tourism sector.

The program requires stringent Know Your Customer (KYC) procedures and QR wallet integration, with transactions blocked at high-risk merchants. Spending limits will be enforced, and cash withdrawals are prohibited. Deputy Prime Minister Pichai Chunhavajira will unveil full details at a press conference alongside finance and tourism officials.

Thailand's tourism revenue has declined sharply this year, particularly among Chinese visitors. The new system excludes Thai residents and long-term visa holders, targeting only temporary foreign tourists. Regulatory oversight falls to Thailand's SEC for cryptocurrency businesses and the Bank of Thailand for e-money operations.