Thailand to Launch Crypto-to-Baht Sandbox to Boost Tourist Spending

Thailand’s Ministry of Finance has announced the launch of a groundbreaking “TouristDigiPay” sandbox project, designed to allow foreign tourists to conveniently convert cryptocurrencies into Thai baht for spending.

The initiative, a collaboration with key government agencies, aims to boost tourist expenditure by 10 per cent, potentially adding more than 175 billion baht to the national economy.

Officially unveiled by Deputy Prime Minister and Minister of Finance Pichai Chunhavajira, the scheme seeks to create a new dimension in tourism by enabling visitors to easily convert their digital assets into local currency.

The project is set to run as a trial for 18 months, with spending limits in place to manage risk. Merchants who have completed a “Know Your Merchant” (KYM) process can accept up to 500,000 baht per month, while smaller vendors are limited to 50,000 baht.

Meanwhile, Pichai clarified that the scheme is not a direct payment system using digital assets.

“We are not accepting crypto as currency; we are simply facilitating the exchange for baht,” he stated. “This makes our project unique and likely the first of its kind in the world.”

Under the new system, tourists will convert their cryptocurrencies into baht through digital asset operators regulated by Thailand’s Securities and Exchange Commission (SEC).