Thailand to allow tourists to convert digital assets into baht for payments
New scheme introduces regulated e-wallet with spending limits
Thailand will introduce a system allowing foreign tourists to convert digital assets into the Thai baht for use in shops and services. The move aims to support the country’s tourism sector. This is reported by Vietnam News Agency (VNA), a partner of TV BRICS.
Under the new regulations, foreign tourists wishing to convert digital assets into baht for spending must open an account with a digital asset business and an e-money provider, both of which are regulated by the SEC and the Bank of Thailand (BOT) respectively. The scheme will operate in a regulatory “sandbox” to ensure oversight.
Only short-term foreign visitors will be eligible. They must pass strict identity checks. Payments will be made electronically, such as by scanning QR codes. Any remaining balance can only be withdrawn when closing the account.
Many countries are betting on the development of tourism as an important sector of the economy. Venezuelan President Nicolas Maduro reported an increase in the flow of tourists to Margarita Island and expects the number of foreign visitors to increase by 80 per cent compared to last year. He noted that tourism is one of the 13 key areas driving the country's economy forward. His comments were reported by Venezolana de Television, a partner of TV BRICS.
Egypt has launched an online campaign aimed at attracting more than 1 million tourists from Arab countries and over 500,000 bookings by 2026, according to TV BRICS' partner MENA.
Photo: iStock / Pierrick Lemaret
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