"TouristDigiPay": Thailand starts exchanging cryptocurrencies for baht
Tourists will initially be able to exchange their cryptoassets for Thai baht for 18 months. The measure is intended to support the country's tourism sector.
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Thailand is launching a pilot project to enable foreign tourists to exchange cryptocurrencies for Thai baht. The aim is to increase tourist spending by an estimated ten percent, writes the Bangkok-based English-language daily newspaper The Nation. The paper emphasizes that the project, called "TouristDigiPay", is an exchange option and not a direct crypto payment method.
Officially unveiled by Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira, the program aims to open up new revenue opportunities for the struggling tourism industry by allowing visitors to easily exchange their digital assets into the local currency. "We don't accept cryptocurrencies, we just facilitate the exchange into baht," explained Pichai. "This makes our project unique and probably the first of its kind in the world."
According to the plan, tourists will exchange their crypto assets for baht via regulated operators, which will then be loaded into an electronic wallet monitored by the Bank of Thailand. The digital wallet can be used to pay in stores and restaurants throughout the country, usually via a QR code. The merchants receive the payment in baht. The program will initially run for 18 months on a trial basis. It is due to start in the fourth quarter of this year.
Initiative to stimulate tourism
The infringement comes at a time when Thailand's tourism sector is struggling with shrinking visitor numbers. For the current year, Thailand's government expects 33 million foreign tourists. In 2019, before the Covid-19 pandemic, the Southeast Asian country recorded almost 40 million tourists.
"This project will support tourism", Minister Pichai explained, adding that it could also help to increase tourist spending in the initial phase.
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According to the Reuters news agency, the exchange will initially be limited to 550,000 baht (around 14,500 euros) in order to test the system and prevent money laundering. The limit could be reassessed at the end of the test phase, explained a representative of the Thai Ministry of Finance.
(akn)
