- Thailand is allowing foreign tourists to convert cryptocurrency to its local currency using a new system called TouristDigiPay.
- The program has a conversion limit of about $13,700 per month and requires users to open an account with a regulated e-money provider.
- Only foreign tourists, not residents, are allowed to use this crypto-to-currency exchange.
- All users must complete identity verification steps before accessing the service.
- The service enables digital payments nationwide by converting crypto to local currency, aiming to boost tourism and digital adoption.
Thailand has established a policy that permits foreign tourists to exchange cryptocurrency for its national currency through the new TouristDigiPay program. The measure, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira on Monday, is designed to increase tourism and encourage digital transactions within the country.
Under the new initiative, tourists visiting Thailand can legally convert cryptocurrency to up to 500,000 in local currency per month, which is approximately $13,700. To use the program, foreigners must open an account with the TouristDigiPay e-money provider. Both TouristDigiPay and the process itself are monitored by the Bank of Thailand (BOT) for user safety and oversight.
According to the official policy, the program is available only to foreign tourists temporarily staying in Thailand. Residents of Thailand are not eligible. The BOT also stated that all users are required to complete Know Your Customer (KYC) procedures, which verify the identity of account holders, before being granted access.
The central bank indicated that the service allows tourists to store the local currency digitally and make electronic payments using QR code scanning, a common payment method in Thailand. The system will work for payments at locations across the country. The initiative is intended to make financial transactions easier for international visitors and promote the country’s digital economy.
TouristDigiPay officially launched one day ago. Demand for the program remains to be seen, as many crypto users prefer to hold their digital assets as investments. Usage data over the next several months is expected to show if the initiative is effective in attracting more crypto-using tourists. For more details, see the official announcement on Bloomberg.
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