Thailand is pushing mass crypto adoption

The government of Thailand is launching a new initiative called "TouristDigiPay" to revitalize the tourism industry. The scheme will allow foreign tourists to convert cryptocurrency into Thai Baht for electronic payments.

To participate in the program, tourists must open accounts with regulated digital asset and e-money providers, passing strict Know Your Customer (KYC) and anti-money laundering (AML) checks. The program will operate within a "regulatory sandbox" and include safeguards such as monthly spending limits and a prohibition on direct cash withdrawals to prevent financial crime.

The maximum monthly transaction limit is 500,000 Baht for merchants with card terminals and 50,000 Baht for small retailers. Tourists will only be able to withdraw money upon closing their account, not as cash.

The goal of the initiative is to stimulate economic and tourism growth, especially in light of the slowdown in tourist arrivals from China. Details of the program will be announced at a press conference with the Deputy Prime Minister and Minister of Finance.

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