Thailand will relax restrictions on foreign visitors converting digital-asset holdings into the baht to fund their travel expenses and spending while in the country.
The government wants to promote innovation and support the use of digital assets to stimulate Thailand’s tourism industry while offering convenient payment options for foreigners, Finance Minister Pichai Chunhavajira told a press briefing on Monday. The TouristDigipay program will start its 18-month trial period through a regulatory sandbox in the fourth quarter, he added.
Digital assets cannot be used directly as a means of payment for goods and services — only for conversions into the baht — and merchants will receive payments only in baht, according to officials.
“We want to take every action to facilitate foreign tourists for their stays in Thailand,” said Pichai. “This new program adds a new innovation to replace overseas visitors’ cash and credit card use here.”
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Southeast Asia’s third-biggest economy is trying to lure international tourists from a wider range of countries. The government hopes to boost the flow of tourists from the Middle East and Southeast Asia.
On Monday, Thailand’s main planning agency lowered its foreign tourist arrival forecast to 33 million this year from 37 million earlier. The tourism industry makes up about 12 percent of Thailand’s gross domestic product. Year-to-date tourist arrivals have topped 20.2 million as of Aug 10, down 6.9 percent from the same period a year ago.
Foreign tourists who wish to convert digital assets into the baht to pay for goods and services must transact through licensed digital-asset business operators and e-money service providers, according to a Finance Ministry statement.
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Spending through the program is limited to 500,000 baht per month. Those limits, alongside strict requirements around opening new accounts and activating e-wallets, are designed to prevent money laundering, according to Pichai.
