Thailand, Southeast Asia’s second-largest economy, has taken a new step forward in the adoption of digital assets. The government announced the launch of an 18-month pilot program called TouristDigiPay, allowing foreign visitors to convert their cryptocurrencies into Thai baht to pay for purchases and services on site.
This initiative aims to boost a tourism sector that has been stalling since the pandemic, even though it remains one of the pillars of the national economy. In 2019, the country welcomed a record 39.9 million visitors, generating nearly 1.91 trillion baht in revenue. However, forecasts for 2025 have been revised downward to 33 million tourists, a 10% decrease from initial estimates.
Key takeaways
- Launch of an 18-month pilot project called TouristDigiPay.
- Objective: to revive the tourism sector and attract new visitors.
- Conversion of cryptocurrencies into baht via authorised platforms.
- Payments are made exclusively via digital wallets.
- Limit set at 550,000 baht per tourist to limit risks.
How does touristdigipay work?
The scheme is based on a simple but strictly regulated system:
- Tourists will be able to convert their cryptocurrencies via authorised exchange platforms in Thailand.
- Funds will be transferred to electronic wallets, allowing direct payments at local businesses via QR codes or digital payment apps.
- Conversions will be capped at 550,000 baht per tourist for the entire duration of the trial.
- KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures will be mandatory to prevent money laundering risks.
- No cash withdrawals will be permitted: the service will be limited to digital payments.
According to Lavaron Sangsnit, Permanent Secretary of the Ministry of Finance, this ceiling could be revised once the pilot phase is completed.
The government’s motives
For the authorities, the objective is twofold:
- To attract more international visitors, particularly younger generations familiar with cryptocurrency payments.
- To boost tourism spending to offset the decline in arrivals and revive growth in the sector.
Finance Minister Pichai Chunhavajira assured that this initiative “will support tourism” and could “encourage increased traveler spending in its early stages”.
Furthermore, the project is part of a broader strategy to modernise payment methods in Thailand, which seeks to position itself as a regional hub for financial innovation.
A bet on the future of tourism and crypto
While the program is generating real enthusiasm, several observers highlight the challenges of its implementation:
- Acceptance by merchants and ease of use for tourists.
- The regulatory adjustments needed to regulate these financial flows.
- Maintaining the security and transparency of transactions in a still volatile sector.
Nevertheless, by leveraging TouristDigiPay, Thailand hopes to strengthen its appeal and gradually approach its historical visitor numbers. The project’s success could even inspire other tourist destinations around the world to adopt similar systems.
But the question remains: will travellers massively adopt this new payment method, or will they prefer to remain loyal to traditional solutions?
