Thailand pilots cryptocurrency exchange for local currency for tourists

In an effort to revive the country's vital tourism industry, Thailand has made a groundbreaking move in cryptocurrency history.

Thai officials have said they will launch an 18-month pilot program that will allow foreign tourists to convert cryptocurrencies into baht for local payments, part of efforts to revive the country’s vital tourism industry.

Although a temporary policy, this move also marks the first time the country has recognized cryptocurrency in civil transactions.

A series of digital currencies are allowed to be used and converted into local currency in Thailand. Photo: Coin Cash

The conversion limit will be capped at 550,000 baht ($16,949) to test the system and prevent money laundering, Lavaron Sangsnit, permanent secretary of Thailand's Ministry of Finance, told reporters, Reuters reported.

He added that the limit could be reassessed after the pilot phase ends. The initiative comes amid a decline in foreign tourist arrivals to Southeast Asia’s second-largest economy .

Tourists can spend the equivalent of $16,949 in cryptocurrency when visiting Thailand. Photo: Watcher Guru

Tourists will be able to make conversions through Thailand-based cryptocurrency trading platforms, which will then be transferred to online wallet apps to be used to pay local businesses.

“This project will support tourism, it can also help increase tourist spending in the initial phase,” said Finance Minister Pichai Chunhavajira.

On August 18, Thailand’s state planning agency lowered its forecast for international tourist arrivals for the entire year of 2025 to 33 million. The number of international tourists is expected to be significantly lower than the pre-pandemic peak in 2019, when Thailand recorded a record 39.9 million visitors, generating 1.91 trillion baht ($58.86 billion) in revenue.

Withdraw money from a Bitcoin ATM in Thailand.

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