Thailand introduces TouristDigiPay, enabling tourists to convert cryptocurrencies like Bitcoin to baht for merchant payments.
- Thailand launches TouristDigiPay for tourists’ crypto-to-baht conversion.
- Tourists can use Bitcoin for local payments.
- Direct crypto spending at merchants not supported.
Thailand has launched “TouristDigiPay,” a new crypto wallet allowing tourists to convert cryptocurrencies into Thai baht for local transactions, according to an announcement by Deputy Prime Minister Pichai Chunhavajira.
This development highlights Thailand’s strategic approach to attract tourists using cryptocurrencies, enhancing its regulatory framework and potentially increasing crypto-to-fiat transactions within the country’s tourist economy.
Thailand has introduced TouristDigiPay, allowing tourists to convert Bitcoin and other cryptocurrencies to Thai baht, as announced by Deputy Prime Minister Pichai Chunhavajira.
The launch is significant as it shows Thailand’s focus on regulated crypto adoption, potentially influencing similar initiatives globally.
Thailand Opens Door to Tourist Crypto Payments
The Thai government officially launched TouristDigiPay, facilitating crypto-to-baht payments for tourists. This initiative, spearheaded by Deputy Prime Minister Pichai Chunhavajira, aims at creating regulated channels for crypto spending in Thailand.
Jointly supported by the Ministry of Finance and the Thai SEC, the framework integrates major cryptocurrencies like Bitcoin and Ethereum into the local economy, enhancing tourists’ spending options through regulated conversions.
TouristDigiPay Aims to Boost Thailand’s Tourism Sector
The program improves payment flexibility for foreign visitors, potentially boosting the tourism sector. Local businesses may see increased footfall, as tourists have access to more convenient payment methods.
However, the strict regulatory framework ensures compliance, while limiting direct crypto payments. Tourism and finance sectors are closely monitoring the implications of increased crypto-to-fiat transactions.
Pichai Chunhavajira, Deputy Prime Minister, Thailand, – “The government is committed to boosting tourism through innovative solutions that integrate digital assets while ensuring a safe and regulated environment for both tourists and merchants.”
Thailand Follows Global Trend in Crypto Tourism
Similar models have been trialed in places like Dubai and Singapore, focusing on crypto-to-fiat tourist spending. These trials indicate the growing trend of governments embracing regulatory approaches to cryptocurrency use.
Experts suggest that while the proposal may boost tourism, its impact hinges on regulatory compliance and effective implementation. The initiative’s success could set a precedent for crypto adoption in tourism globally.
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