The Thai government is launching a new initiative called “Touristdigipay” on Aug.18, to boost its tourism sector.
The scheme allows foreign tourists to convert their cryptocurrencies into Thai Baht to use for payments. The program is a direct response to a decline in tourism, particularly from China. To participate, visitors 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). The scheme will operate within a regulatory sandbox to ensure proper oversight and prevent the direct use of crypto as payment. Participants must undergo strict KYC and CDD checks as part of the regulations. The service will enable tourists to exchange their digital assets for Baht and then make electronic payments, such as through QR code scanning.
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Source:lovinghananews.com
