Thailand has launched a program that allows foreign visitors to convert crypto into baht for everyday electronic payments.

The Nation reports that the initiative, called TouristDigiPay, is part of broader efforts to revive tourism following a slowdown in arrivals, particularly from China.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira will present the details alongside officials from the Finance Ministry, the Securities and Exchange Commission, the Anti-Money Laundering Office, the Bank of Thailand, and the Ministry of Tourism and Sports.

The program will operate in a regulatory sandbox to ensure proper oversight and to prevent the direct use of crypto as a payment instrument.

To participate, tourists must open accounts with a licensed digital-asset business and an e-money provider supervised by the SEC and the central bank.

They will also be required to complete KYC and customer due diligence checks that comply with AMLO standards. Only foreigners temporarily staying in Thailand will be eligible.

Spending will take place in baht after conversion, including through QR code payments. Monthly caps will be imposed to reduce financial crime risks.

Accounts used at merchants with card terminals will be limited to 500,000 baht per month, while smaller merchants will be capped at 50,000 baht.

Cash withdrawals will not be allowed except when an account is closed, and transactions in categories flagged as high risk by AMLO will be prohibited.

The Bank of Thailand is also developing a Tourist Wallet to assist visitors who do not have cross-border QR arrangements.

It will initially function as an e-money conversion tool, with plans to eventually link to foreign debit and credit cards.

Featured image: Edited by Fintech News Singapore, based on images by drobotdean, sweet_tomato, and notting0127 via Freepik