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

Thailand is rolling out a new initiative called "TouristDigiPay" on August 18, enabling foreign tourists to convert cryptocurrencies into Thai baht through regulated electronic payment channels. The MOVE aims to bolster a tourism sector struggling with declining arrivals, particularly from China.

Deputy Prime Minister Pichai Chunhavajira will unveil the program alongside officials from the Ministry of Finance, SEC, Anti-Money Laundering Office, and Ministry of Tourism and Sports. The system operates within a regulatory sandbox, requiring tourists to use SEC-regulated digital asset accounts and Bank of Thailand-licensed e-money providers.

While direct crypto payments remain prohibited, converted funds can be spent via QR codes or other electronic methods. The scheme reflects Thailand's broader push to integrate digital assets into its economy as traditional tourism revenues falter.