Thailand is experimenting with cryptocurrency to boost tourism.

According to Nation Thailand, the program called “TouristDigiPay,” which allows foreign tourists to convert cryptocurrency into baht for payment, is the Thai government 's solution to the decline in the tourism industry this year.

Details of the program were announced at a press conference chaired by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, along with key officials from the Ministry of Finance , the Securities and Exchange Commission (SEC), the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports.

The idea of using cryptocurrencies to boost tourism has been continuously studied by the Thai government. The SEC recently completed a public consultation on the application of financial innovations and digital assets to support economic growth and tourism, with the deadline for comments ending on August 13th.

Under the new program, foreign tourists wishing to convert digital assets into baht for spending must open accounts with a digital asset business and a cryptocurrency service provider, both regulated by the SEC and the Bank of Thailand (BOT).

The program will operate within a regulatory framework to ensure close monitoring and risk control, particularly to prevent the direct use of digital assets as a means of payment.

Only foreign visitors temporarily staying in Thailand are eligible to use the service.

Participants must undergo a rigorous identity verification and customer vetting process, in accordance with AMLO standards.

This service will allow tourists to exchange digital assets for baht and make electronic payments, for example by scanning a QR code.

According to Naphongthawat Phothikit, Senior Director at the Payment Systems and Fintech Policy Division of the Bank of Thailand (BOT), the central bank of Thailand has collaborated with e-money service providers to develop a “Tourist Wallet” for international tourists.

This service will support QR code payments, especially for visitors from countries that do not yet have cross-border QR payment agreements. Tourist Wallet will initially function as an e-money system for currency exchange, and in the future will be directly connected to foreign debit and credit cards.

To minimize the risk of financial crimes, such as money laundering, the program will apply transaction limits. For businesses with card readers, the spending limit will be 500,000 baht per month per account.

For small businesses, the ceiling is 50,000 baht per month. Transactions will be prohibited at establishments classified by AMLO as having a high risk of money laundering. Furthermore, visitors can only withdraw funds upon closing their account, not withdraw cash based on deposited balances.

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Source: https://baolaocai.vn/thai-lan-thu-nghiem-tien-dien-tu-de-thuc-day-du-lich-post879890.html