Thailand Embraces Cryptocurrency to Revitalize Tourism with TouristDigiPay

BANGKOK– Thailand has rolled out “TouristDigiPay”, a new programme set up to help revive the country’s travel industry. Foreign visitors can now turn cryptocurrencies into Thai baht with ease and pay electronically across shops, restaurants and attractions.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira led the official launch along with top officials from the Finance Ministry, Thailand’s securities regulator, the Anti-Money Laundering Office, and the Ministry of Tourism and Sports.

The main goal is to lure tech-focused travellers and spark fresh economic growth after a tough season for tourism.

Travel and tourism are central to Thailand’s economy, but 2025 brought a downturn, especially with fewer Chinese tourists. Data shows a 6.56% drop in overseas arrivals for the year to August, with roughly 20 million travellers generating about 1.2 trillion baht (£26.25 billion).

The slowdown comes from global economic pressures and changes in how people travel, pushing Thai officials to look at new ways to draw international interest. TouristDigiPay lets visitors swap digital assets like Bitcoin, Ethereum and popular stablecoins (Tether and USDC) for baht, which is a direct response to these challenges.

The scheme is running as a trial under strict rules set by the Securities and Exchange Commission and the Bank of Thailand. Thailand’s leaders want to show their country as a centre for digital finance while keeping strong checks in place. Pichai Chunhavajira explained that the system brings together new technology with a solid focus on safety. Visitors get the convenience they want, and local businesses get a much-needed boost.

How TouristDigiPay Operates

TouristDigiPay isn’t a direct crypto-to-merchant payment. Instead, tourists visiting Thailand must set up accounts with digital asset firms approved by the SEC and e-money services licenced by the central bank.

These services handle the conversion, allowing tourists to use baht for digital payments, mostly through QR codes, which are already widely used from markets to shops. Tourists cannot take out cash; they can only access their funds when they close the account, a step meant to stop abuse.

Anyone using TouristDigiPay must complete strict identity checking, in line with anti-money laundering rules. There are clear spending caps: 500,000 baht per month at larger merchants with card readers, and 50,000 baht at smaller vendors, which helps control risk and keep spending on track.

The regulatory trial gives authorities space to watch how things go without missing a beat on oversight, said Naphongthawat Phothikit, a senior official at the Bank of Thailand. Tech partners are also developing a “Tourist Wallet” for QR payments, with plans to connect it to foreign debit and credit cards later.

A Forward-Thinking Approach to Crypto

TouristDigiPay builds on recent moves by Thai policymakers to welcome digital assets. Earlier in the year, the government announced that gains from trading crypto or investment tokens on Thai-registered platforms would be tax-free for five years from January 2025.

The hope is to attract foreign funds and encourage growth in the digital asset market, which could add over 1 billion baht to tax receipts indirectly.

At the same time, the SEC has released 150 million dollars’ worth of blockchain-based “G-tokens”, making it easier for the public to buy government bonds, and allowed Tether’s gold-backed XAU₮ token to list on Maxbit, marking new ground in digital assets.

The countrywide TouristDigiPay pilot comes soon after a national crypto trial kicked off in July. This builds on a 2024 testing project based in Phuket, supported by former Prime Minister Thaksin Shinawatra. Nirun Fuwattananukul, CEO of Gulf Binance, said this is a significant step, showing Thailand is keen to lead in cryptocurrency use across the region while keeping consumer protections strong.

Obstacles and Possibilities

TouristDigiPay is not without challenges. Business leaders in Phuket and beyond worry that many shops and restaurants don’t know about the scheme, and the ID checks might put off some tourists if they take too long.

Bhummikitti Ruktaengam from the Tourism Council of Thailand said clear guidance for local merchants and simple processing for travellers must be a priority to avoid problems. Authorities are also alert to possible money laundering risks, especially in locations where foreign-run criminal businesses have been reported.

But TouristDigiPay gives Thailand an edge in drawing in tech lovers and big spenders, following Bhutan’s path with a Binance Pay partnership. By plugging in with Thailand’s strong QR payment system, the project could increase visitor spending and boost competition with neighbours like Singapore and Malaysia. Some economists think the programme could lift tourism income by 5 to 10 percent each year if it links up with campaigns such as “Thai Hub This Summer”.

Setting an Example for Others

As TouristDigiPay makes its debut, industry watchers worldwide are taking notice. Success here could inspire other countries looking to bridge crypto payments and tourism. A senior official from the SEC pointed out that Thailand is taking charge, not just reacting to trends but creating them, with a secure system that supports innovation.

For the moment, the pilot will continue under close watch as regulators track spending patterns and how many businesses sign up. If the effort works out, Thailand could become a hotspot for digital nomads and cryptocurrency fans. With its eyes set on crypto-driven growth, Thailand’s bold bet is set to grab plenty of attention in the months ahead.