Marking a significant shift towards digital assets, Thailand passed a mandate allowing foreign tourists to convert their cryptocurrency to baht. The move aims to revitalize the tourism sector and promote the use of the local currency through digital assets. The initiative is christened “TouristDigiPay” and was unveiled by the Deputy Prime Minister and Finance Minister Pichai Chunhavajira on Monday.
Tourists visiting Thailand can legally exchange their cryptocurrency for baht and use it to spend across the country. The conversion limit is placed at 500,000 baht per month. Foreigners willing to convert their digital assets to the local currency must open an account with the TouristDigiPay e-money provider. Both are closely regulated by the Bank of Thailand (BOT) to ensure oversight and safety of the users.
Only foreign tourists temporarily staying in Thailand are eligible to convert their cryptocurrency to baht through the TouristDigiPay program. The policy does not apply to residents of the country and will not be onboarded into the latest system. However, the BOT made it clear that all foreign tourists must adhere to KYC norms before gaining access to the TouristDigiPay.
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Convert Cryptocurrency To Baht in Thailand For Payments
Thailand’s central bank explained that the services will enable tourists to convert their cryptocurrency to baht and store the local currency digitally, and make electronic payments by scanning QR codes. This will be valid across the country, and foreigners can use it anywhere to make payments and avail the service. The financial innovation makes Thailand embrace the digital assets sector and attract a varied set of tourists into the country.
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While Thailand’s TouristDigiPay went live a day ago, we will have to wait and watch how many tourists use the cryptocurrency to convert baht. Mostly, crypto users like to keep their assets as investments, as it has the ability to grow in value while the baht remains the same. The user data after a few months will reveal if the TouristDigiPay was a success or a failure.