International tourists arriving in Thailand from August 18 can now convert their digital currency into baht to pay for services, in a move designed to stimulate the tourism industry.
On August 18, Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajir announced the launch of a pilot program named “TouristDigiPay.” This initiative enables foreign tourists to convert their cryptocurrency into Thai baht for spending, aiming to aid the country’s tourism sector.
The program is scheduled for an 18-month trial period. The Thai Ministry of Finance is collaborating with several key government agencies, including the Securities and Exchange Commission (SEC), the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports.
Pichai Chunhavajir stated at the press conference that this is not a direct payment system using digital assets. “We do not accept crypto as currency; we are simply facilitating the conversion into baht,” he said, adding that this makes the “TouristDigiPay” program unique and potentially the first of its kind in the world.
The initiative comes as international arrivals to Thailand, particularly from China, have significantly decreased since the beginning of the year. Through this program, the government aims to boost tourist spending by 10%, which would contribute over 175 billion baht (5.4 billion USD) to the national economy. This move also seeks to create a new experience in the Thai tourism sector, allowing visitors to easily convert their digital assets into local currency.
The program is only available to foreign visitors who are temporarily staying in Thailand. Visitors will convert their cryptocurrency into baht through digital asset businesses and e-wallet providers licensed by the SEC. The funds are then transferred to an e-wallet supervised by the Bank of Thailand (BOT) and can be used for payments at shops and restaurants nationwide via QR code. Merchants will still receive payment in baht, just like in a regular transaction.
To participate, tourists must open an account with an e-wallet provider and complete Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures as required by the Anti-Money Laundering Office.
To prevent financial crimes like money laundering, the program has transaction limits. The maximum is 500,000 baht (15,400 USD) per month for businesses using POS machines and 50,000 baht (1,540 USD) for small shops. Transactions are prohibited at establishments on the high-risk list as per AMLO guidelines. Tourists can only withdraw funds by closing their e-wallet account and cannot withdraw cash directly from the balance.
The program will operate within a supervised regulatory sandbox to ensure risk control and prevent the direct use of crypto as a payment method.
According to Lavaron Sangsnit, Secretary-General of the Ministry of Finance, the program is inspired by the previous “Phuket Sandbox” model and may be expanded if proven effective and secure. In the future, officials may consider raising transaction limits or allowing the use of digital assets for high-value items like real estate or yachts.
For a while, the Thai government has been exploring the use of cryptocurrency to stimulate its tourism sector. The SEC had previously completed a public consultation on the application of financial technology and digital assets for economic and tourism development. The feedback period ended on August 13.
Naphongthawat Phothikit, Senior Director at the BOT’s Payment Systems and Financial Technology Policy Department, stated that the central bank is collaborating with e-wallet providers to develop a “Tourist Wallet” specifically for international visitors. This e-wallet will support QR code payments, which is especially useful for tourists from countries that do not have cross-border payment agreements with Thailand. Initially, the Tourist Wallet will function as an e-money system supporting foreign currency conversion and may be integrated with international credit and debit cards in the future.
While opening a new avenue for the tourism sector, this transaction method also carries potential risks such as money laundering, fraud, asset price volatility, and legal loopholes. This is why programs like “TouristDigiPay” must operate within a supervised sandbox environment, with strict requirements for identity verification, customer due diligence, spending limits, and a restricted list of transactions as guided by the anti-money laundering agency.
If implemented on schedule, TouristDigiPay will mark Thailand as the first Southeast Asian nation to pilot allowing international tourists to convert crypto into local currency for spending on a national scale, with financial regulators, the central bank, and e-wallet companies all participating.
In Singapore, some businesses and technology firms accept crypto payments in specific cases. However, this is under the strict control of the Monetary Authority of Singapore (MAS) and is not part of a national policy to promote tourism using crypto.
Globally, some countries have adopted crypto for tourism services. SCMP reports that Bhutan was the first nation to introduce a country-wide crypto payment system for tourism. This system, a collaboration between Binance Pay and DK Bank, has over 1,000 QR-code crypto payment acceptance points. Tourists can use crypto to pay for most travel services, from visas and flights to hotel bookings and tours.
Reuters reports that El Salvador, the first nation to accept Bitcoin as legal currency, lets visitors use it extensively for things like lodging, transport, and tourist activities.
In Dubai (UAE), Emirates airline has signed a preliminary agreement with Crypto.com, with plans to begin accepting crypto payments in 2026. Other airlines, like Air Arabia, have also accepted the stablecoin AE Coin for flight bookings.
