Thailand is introducing a new initiative that will allow international tourists to convert cryptocurrencies into Thai baht for local spending. The programme, called TouristDigipay, is set to run for 18 months under a regulatory sandbox and is designed to revive the country’s slowing tourism sector.
Under the scheme, tourists will not be able to directly spend digital currencies at shops or restaurants. Instead, they can exchange crypto for baht, which can then be used for everyday transactions in Thailand. Spending through the programme will be capped at 500,000 baht (approximately USD 14,000 & approximately Rs. 12 Lakhs) per person each month.
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Addressing Tourism Decline Amid Safety Concerns
Thailand, which relies heavily on its tourism industry, has faced a significant slowdown in 2024. Official figures show a 33% drop in visitors from China, historically the country’s largest tourist group, during the first half of the year. Analysts attribute this decline partly to safety fears after the high-profile kidnapping of Chinese actor Wang Xing near the Myanmar border, an incident that received widespread coverage in Chinese media.
The government hopes the new crypto-to-baht programme will provide an additional incentive for travellers to choose Thailand by reducing their dependence on cash and international credit cards. By offering crypto users a convenient conversion option, authorities expect to attract younger, tech-savvy tourists and restore confidence in the Thai travel market.
Government Sees Digital Payments as Key to Tourism Recovery
Finance Minister Pichai Chunhavajira emphasized the importance of making Thailand more accessible for international visitors. He stated that they want to take every action to facilitate foreign tourists during their stays in Thailand. This new programme adds a new innovation to replace overseas visitors’ cash and credit card use there.
The regulatory sandbox will allow authorities to monitor the system’s performance, identify potential risks, and ensure compliance with Thailand’s financial regulations. If successful, the programme could become a permanent feature of Thailand’s tourism economy and potentially expand to cover larger transaction limits.
As Thailand competes with other Southeast Asian destinations for visitors, policymakers are positioning digital payment innovation as a tool to gain an edge. With crypto adoption growing globally, the TouristDigipay pilot marks one of the first large-scale efforts by a major tourist destination to integrate digital assets into its travel economy.