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Thailand Allows Foreign Tourists to Exchange Digital Assets for Baht
The Thai government plans to launch the "TouristDigiPay" program to boost tourism by allowing foreign tourists to convert digital currencies into Thai baht for payments.
Introduction of TouristDigiPay
On August 18, during the launch of the TouristDigiPay program, the Thai government announced that foreign tourists will be able to convert their digital assets into baht and use them through Thailand’s e-money system. The program aims to eventually link directly with foreign debit and credit cards.
>>> Essential Guide to Money in Thailand: Currency, Exchange Rates, and Budgeting Tips
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The launch of the TouristDigiPay program
TouristDigiPay will be available nationwide, with spending limits applied. It is expected to roll out in the fourth quarter of this year, aligning with Thailand’s peak tourism season.
How to Register for TouristDigiPay
Foreign tourists who wish to convert their digital assets into Thai baht for spending must first open an account with a digital asset service provider and an e-money provider.
Participants are required to complete Know Your Customer (KYC) and Customer Due Diligence (CDD) checks, as per the Anti-Money Laundering Office (AMLO) guidelines. Once registered, tourists can convert their digital assets into baht and make electronic payments, such as by scanning QR codes.
The tourist wallet spending limit is 50,000 baht for small merchants and up to 500,000 baht for verified merchants, with a total cap of 550,000 baht per month.
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Summary of the process and regulations for using TouristDigiPay
This change will pave the way for Thailand's tourism industry to bounce back after the challenges posed by Covid-19!
👉 Let’s explore Thailand more easily with us!
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