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Bitcoinist 2025-08-17 21:00:59

Crypto Goes Tropical: Thailand Welcomes Tourist Spending In Bitcoin And More

Crypto Goes Tropical: Thailand Welcomes Tourist Spending In Bitcoin And More

Thailand is moving ahead with a plan to let foreign tourists spend cryptocurrency during their visits. The new scheme, called TouristDigiPay, will launch on August 18 and allow visitors to convert crypto into Thai baht for electronic payments. The announcement comes as the country faces weaker tourism numbers this year, putting pressure on policymakers to find fresh ways to support the sector. How The System Will Work Reports say tourists who want to join the program must first open accounts with a regulated digital asset provider as well as an e-money service provider. Both will fall under the close watch of the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). JUST IN: Thailand to let tourists convert crypto to local fiat for payments starting August 18 — Crypto India (@CryptooIndia) August 17, 2025 Visitors will also need to pass strict know-your-customer checks and anti-money laundering procedures before being allowed in. Once cleared, they can use baht for digital transactions such as QR code payments at shops and restaurants. Cash withdrawals, however, will not be permitted, as regulators want to reduce risks tied to financial crime. Digital Currency For The Economy The plan follows a recent consultation by Thailand’s SEC that explored how digital assets could help the economy and attract more visitors. That feedback period closed on August 13. Data released during the process showed that global ownership of digital assets rose by over 6% in the past year, reaching close to 620 million people. The Sandbox Officials explained that the initiative is being launched inside a regulatory sandbox. This allows authorities to test the system in real-world conditions but still apply spending limits to ensure stability. Only foreign tourists on short-term stays will be allowed to use the service. Deputy Prime Minister and Finance Minister Pichai Chunhavajira will officially unveil the program, alongside representatives from the Finance Ministry, SEC, Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports. Crypto Markets Continue To Grow The timing of Thailand’s move comes as digital assets continue to gain ground worldwide. The global market recently crossed $4 trillion after Bitcoin jumped to a new record high above $124,000. Bitcoin is up 28% so far in 2025. Ethereum has also seen decent gains in the last couple of months, climbing 30% and coming close to its all-time high of $4,890. Thai Optimism For Thailand, the introduction of TouristDigiPay is more than simply an experiment with cryptocurrency. Authorities hope it will provide the nation with a new advantage in drawing tourists and spur expenditure at a time when tourism, among its largest economic drivers, is flagging. Featured image from Unsplash, chart from TradingView

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