Foreign tourists can now convert crypto to baht
The government wants to promote innovation and support the use of digital assets to stimulate Thailand's tourism industry while offering convenient payment options for foreigners, Finance Minister Pichai Chunhavajira told a press briefing on Monday.
The so-called TouristDigipay programme will start its 18-month trial period through a regulatory sandbox in the fourth quarter, he added.
Digital assets cannot be used directly as a means of payment for goods and services – only for conversions into the baht – and merchants will receive payments only in baht, according to officials.
'We want to take every action to facilitate foreign tourists for their stays in Thailand,' said Pichai.
'This new programme adds a new innovation to replace overseas visitors' cash and credit card use here.'
The country is trying to lure international tourists from a wider range of countries, with visitors from China slumping amid safety concerns.
The government hopes to boost the flow of tourists from the Middle East and South-East Asia to help offset a 33% drop in Chinese travellers in the first half of the year, following news of Chinese actor Wang Xing's kidnapping near Thailand's border with Myanmar.
On Monday, Thailand's main planning agency lowered its foreign tourist arrival forecast to 33 million this year from 37 million earlier, citing a slump in the number of Chinese visitors. — Bloomberg
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