Thailand is pioneering a new approach to revitalizing its tourism sector with the introduction of "TouristDigiPay," a program enabling foreign visitors to convert cryptocurrencies into Thai baht for local spending. Set to commence in late 2025, this 18-month pilot initiative operates under a regulatory sandbox framework, overseen by a consortium of key government bodies including the Securities and Exchange Commission (SEC), the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports. The program aims to address a notable decline in international visitor numbers, particularly from crucial markets like China.
Under the TouristDigiPay initiative, tourists will utilize licensed Thai cryptocurrency exchanges to convert their digital assets into Thai baht. The converted funds will then be accessible via secure online wallets, facilitating seamless transactions with merchants across the country. Importantly, the system is designed to ensure that cryptocurrencies are not used directly for purchases. Instead, all transactions are converted to baht, guaranteeing adherence to local financial regulations and ensuring merchants are paid exclusively in the national currency.
Robust security measures are a cornerstone of the TouristDigiPay program. Strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols will be implemented to prevent misuse. Furthermore, the platform will feature monthly spending limits, with caps set at 500,000 baht for premium merchants and 50,000 baht for smaller businesses. Direct cash withdrawals will also be restricted. These safeguards are designed to ensure the system's appropriate utilization for travel-related expenses and to maintain overall financial integrity.
This forward-thinking approach is anticipated to yield significant economic benefits. Officials estimate that the program could stimulate additional tourist spending by up to 10%, potentially injecting over 175 billion baht into the economy. By offering a convenient digital payment alternative, Thailand aims to attract a new demographic of tech-savvy travelers and crypto enthusiasts, thereby enhancing its competitive edge in the global tourism market. This initiative also aligns with Thailand's broader ambition to establish itself as a regional hub for digital finance and blockchain technology, building on its existing efforts to foster a crypto-friendly environment through measures such as tax exemptions on certain digital asset sales and the authorization of stablecoins for public use.