TouristDigiPay, a 15 billion Baht scheme in Thailand, will facilitate visitors converting their cryptocurrency into Thai Baht. This 18-month pilot project is designed to rejuvenate the diminishing tourism sector in the region.
Thailand has taken a bold step in the digital economy by launching TouristDigiPay, a program enabling foreign visitors to convert their digital assets into Thai Baht for everyday spending[1][3]. This innovative initiative is aimed at boosting tourism and setting a benchmark for Southeast Asian countries in the integration of cryptocurrency payments into the tourism sector[1][3][4].
The program is overseen by a consortium of regulatory bodies, including the Ministry of Finance, the Securities and Exchange Commission, the Anti-Money Laundering Office, the Bank of Thailand, and the Ministry of Tourism and Sports[1]. These safeguards include KYC/AML checks, spending caps, and the requirement for tourists to open licensed e-money accounts[1][2][3].
Thailand's move to embrace cryptocurrency in tourism comes as it faces increasing competition from cheaper destinations like Vietnam and Japan[2]. The Deputy Prime Minister and Finance Minister of Thailand, Pichai Chunhavajira, described TouristDigiPay as an initiative to modernize payments and reduce reliance on cash and cards[1].
TouristDigiPay targets tech-savvy tourists, especially to offset a 20-24% drop in visitors from China and other East Asian markets[1][3]. If widely adopted by both merchants and tourists, it could increase crypto-related tourism spending by 10–15%[1]. The program builds on Phuket's 2025 pilot and aligns with global crypto-tourism trends seen in places like Bhutan and the UAE[3].
The program allows foreign visitors to convert their holdings through licensed exchanges into a dedicated e-wallet, where transactions are settled in Baht[3]. Merchants will receive Baht for transactions, similar to QR code payments[3]. The monthly spending will be capped at 500,000 Baht, with smaller merchants restricted to 50,000 Baht[1].
If TouristDigiPay works, it could become one of the most closely watched tests of whether cryptocurrencies can play a real role in mainstream travel[1]. The program is an 18-month pilot starting in the fourth quarter[1]. Comparative data on its performance against other Asian tourism economies remain limited at this early stage[1][3]. However, with its structured regulatory approach and digital innovation emphasis, TouristDigiPay suggests a positive trajectory for both economic activity and enhancing the tourist experience relative to conventional fiat-only systems[1][3].
The UAE has also signed a deal with Crypto.com to allow airline passengers to pay in digital assets[1]. Meanwhile, Bhutan has partnered with Binance Pay to enable crypto spending in tourism[1]. These developments underscore the growing global interest in crypto-based tourism and Thailand's position as a pioneer in this space.
Read also:
- Comcast Introduces Sports-Oriented Video Bundle in Preparation for the World Cup Tournament
- Is Maruti's reign over the SUV market being challenged by Mahindra's aggressive move to snatch the top spot?
- Social Security Administration Abandons Plan for Electronic Payments: Important Information for Recipients of Benefits
- Increased energy demand counters Trump's pro-fossil fuel strategies, according to APG's infrastructure team.
