Thailand is launching a pilot program that enables visitors to convert cryptocurrencies into baht for local payments.
The TouristDigipay pilot will operate for 18 months starting later this year within a regulatory sandbox, aimed at revitalizing the country’s tourism sector. While visitors won’t be able to make direct payments in crypto, they can convert it to baht, with a spending limit of 500,000 baht per month.
Tourism from China has decreased by 33% in the first half of the year due to safety concerns following the kidnapping of Chinese actor Wang Xing near the Myanmar border, as reported by Bloomberg.
Finance Minister Pichai Chunhavajira stated, “We want to take every action to facilitate foreign tourists during their stays in Thailand. This new program introduces an innovative alternative to cash and credit card use for overseas visitors.”