On August 18, Thailand will introduce the TouristDigiPay initiative, enabling foreign visitors to convert cryptocurrency into Thai baht for online payments. This was reported by Crowdfund Insider.
The service will allow tourists to exchange digital assets and make electronic payments by scanning a QR code.
According to journalists, the new program will be announced at a press conference on Monday by Deputy Prime Minister and Finance Minister Pichai Chunhavachira, with the participation of local regulators.
To use TouristDigiPay, visitors to Thailand must open accounts with both a digital asset company and an electronic money provider, regulated by the local Securities and Exchange Commission (SEC) and the central bank.
Participants must also undergo KYC and a “due diligence check” in accordance with the criteria of the Anti-Money Laundering Office.
The model operates within a regulatory “sandbox,” ensuring oversight and preventing the direct use of digital assets as payment methods.
Napongthawat Photikit, Senior Director of the Payment Systems and Financial Technology Policy Department at the Bank of Thailand, mentioned a “tourist wallet” already in place. It simplifies payments for people from countries without cross-border QR payment agreements.
Initially, the system will function as an electronic money platform for currency conversion, with plans to connect it to foreign debit and credit cards in the future.
For merchants using terminals, there is a monthly limit on crypto payments of 500,000 baht (~$15,400), and for small entrepreneurs, 50,000 baht (~$1,500).
Back in May, the Thai government announced the launch of the digital investment token G-Token. The SEC emphasized that the asset, developed by the Ministry of Finance to cover the budget deficit, cannot be used for payments or transfers.
Нашли ошибку в тексте? Выделите ее и нажмите CTRL+ENTER
Рассылки ForkLog: держите руку на пульсе биткоин-индустрии!
