news 
Thailand has announced the launch of a new initiative called “TouristDigiPay,” which aims to boost the country’s tourism industry by allowing foreign tourists to convert their cryptocurrency into Thai Baht for electronic payments. This move is seen as a strategic response to the significant decline in visitors from East Asia and China, with the goal of adapting to changing consumer behaviors.
As part of this program, tourists will be required to open an account with a digital asset business and an e-money provider that are both regulated by the Thai Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). This ensures that the scheme operates within the country’s regulatory framework, addressing concerns related to security and compliance.
To address financial crime risks such as money laundering, safeguards have been put in place. These measures include prohibiting tourists from withdrawing cash from their digital assets until their accounts are closed, and setting transaction limits for merchants. The government has also made it mandatory for all transactions to undergo Know Your Customer (KYC) and Customer Due Diligence (CDD) checks.
The introduction of cryptocurrency payments aims to provide an alternative payment method in a country that is increasingly integrating blockchain technology into its economy. Thailand sees this move as an opportunity to cater to the growing number of tech-savvy tourists who prefer digital transactions.
Source: coincentral.com
