On the 18th, the Thai government announced it will relax restrictions to allow foreign tourists to exchange digital assets for Thai Baht to pay for travel expenses and spending during their stay in Thailand.
Thai Finance Minister Pichai said at a press conference on Monday that the government hopes to promote innovation and support the use of digital assets to stimulate Thailand's tourism industry, while providing foreigners with convenient payment options.
He added that the initiative, called "TouristDigipay," will begin a pilot phase in the fourth quarter and run for 18 months.
Pichai said the new program will provide tourists with an additional option—in addition to cash and credit cards, they can now use cryptocurrency.
However, according to Thai government officials, digital assets cannot be used directly for the payment of goods and services under the plan, and can only be exchanged for Thai Baht. Merchants can only accept payment in Thai Baht.
According to a statement from the Thai Ministry of Finance, foreign tourists wishing to exchange digital assets into Thai Baht for the purchase of goods and services must conduct transactions through licensed digital asset business operators and electronic money service providers.
The spending limit for this program is 500,000 Baht per month (65,000 Ringgit). Pichai said these restrictions, along with strict requirements for opening new accounts and activating e-wallets, are intended to prevent money laundering.