Thailand to allow crypto-to-baht conversion for tourists in pilot program
Thailand will start an 18-month pilot program allowing foreign tourists to convert cryptocurrencies into baht for local payments, officials announced Monday. The initiative aims to boost the country’s tourism sector, which has seen a decline in foreign arrivals.
Under the program, conversions will be capped at 550,000 baht ($16,949) to test the system and prevent money laundering, Finance Ministry permanent secretary Lavaron Sangsnit said. The limit may be reviewed after the pilot phase, News.Az reports, citing Reuters.
Tourists can convert cryptocurrencies through Thai-based exchange platforms, with funds transferred to online wallet apps for payments at local businesses, Finance Minister Pichai Chunhavajira added. “This project will support tourism and may increase tourist spending in its early stages,” he said.
Thailand’s state-planning agency has reduced its forecast for foreign arrivals in 2025 by 10% to 33 million, far below the 2019 pre-pandemic record of 39.9 million visitors, which generated 1.91 trillion baht ($58.86 billion) in revenue.
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