The Thai government is set to launch TouristDigiPay on August 18, offering foreign visitors the ability to convert cryptocurrency into Thai baht for electronic payments. This initiative comes at a crucial time as Thailand’s tourism industry has experienced a decline this year.
To participate in TouristDigiPay, tourists must first open accounts with a regulated digital asset provider and an e-money service provider. The program will be closely monitored by the SEC and the Bank of Thailand to ensure compliance with regulations.
Strict KYC and anti-money laundering checks will be mandatory for participants before they can convert their cryptocurrency into baht. Once approved, tourists can make electronic payments using QR codes, but cash withdrawals will not be permitted to prevent financial crimes.
The scheme will operate under a regulatory sandbox, allowing regulators to test and monitor the system in real-world conditions. Spending limits will be in place to maintain financial stability and oversight. It is important to note that this service is exclusively available to foreign tourists visiting Thailand temporarily.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira will officially introduce the TouristDigiPay program, accompanied by senior officials from the Finance Ministry, SEC, AMLO, and the Ministry of Tourism and Sports.
In a recent public consultation, Thailand’s SEC explored the potential of digital assets to support tourism and economic growth. The global digital assets market has surpassed a $4 trillion market cap, with Bitcoin reaching a new all-time high above $124K. Ethereum has also shown significant gains, outperforming Bitcoin with a 35% surge year-to-date.
The stablecoin market has witnessed remarkable growth, with USDT leading the race with a circulating supply of 166.65 billion. President Donald Trump signed the GENIUS Act into law, creating a regulatory framework for dollar-pegged coins. The stablecoin market cap now exceeds $286 billion, with a trading volume of $115 million.
As the digital asset market continues to evolve, TouristDigiPay aims to enhance the tourism experience in Thailand by offering a convenient and secure payment option for foreign visitors. Stay tuned for the official launch of this innovative program on August 18.