Thailand is set to launch an 18-month pilot programme that will allow foreign tourists to convert cryptocurrencies into Thai baht for local spending. According to officials, the move is aimed at boosting tourism, one of the country’s most critical economic sectors.
The country’s Finance Ministry permanent secretary Lavaron Sangsnit said conversions will initially be capped at 550,000 baht (~RM70,700) per visitor during the pilot phase. He explained that the cap is intended to curb potential risks such as money laundering, though the limit may be reassessed once the trial period ends.
Under the plan, tourists will be able to make conversions via licensed Thai-based cryptocurrency platforms. The converted funds will then be stored in online wallet applications, enabling visitors to pay businesses directly in baht. Finance Minister Pichai Chunhavajira said the initiative is designed to “support tourism” and encourage higher tourist spending.
The announcement comes as Thailand grapples with a slowdown in its tourism sector. The officials say the scheme could lay the groundwork for broader digital payment adoption in the country’s tourism industry if proven successful.
(Source: Reuters)
