BANGKOK, Aug 18 — Thailand will launch an 18-month pilot programme to allow foreign visitors to convert cryptocurrencies into baht to make payments locally, officials said today, part of efforts to rejuvenate the country’s critical tourist sector.
Conversions will be capped at 550,000 baht (RM71,539) to test the system and prevent money laundering, Thai Finance Ministry permanent secretary Lavaron Sangsnit told reporters, adding that the limit could be reassessed after the pilot period is over.
The initiative comes amid a decline in foreign tourist arrivals in Southeast Asia’s second-largest economy.
Tourists will be able to make the conversions through Thai-based crypto exchange platforms, with the money then moving into online wallet applications so payments can be made to local businesses, Thai Finance Minister Pichai Chunhavajira told reporters.
“This project will support tourism,” Pichai said, adding that it could also help increase tourist spending in the early stages.
Thailand’s state-planning agency today lowered its forecast for foreign tourist arrivals for this year by 10 per cent to 33 million.
The projected number of foreign tourists is significantly lower than the pre-pandemic peak in 2019, when Thailand registered a record 39.9 million arrivals, generating 1.91 trillion baht in revenue.
