Thailand has begun testing a new digital payment system that allows foreign visitors to convert cryptocurrency into Thai baht for everyday purchases. Officials say this is the world’s first model of its kind, designed to integrate the growing use of digital assets into the tourism economy without requiring merchants to handle crypto directly.
Launched under the name TouristDigiPay, the programme enables tourists to exchange their digital assets into baht, which can then be spent through e-money platforms accepted by local businesses. This includes small vendors such as street food stalls, convenience shops and family-run enterprises – a sector often left out of international crypto-payment systems that tend to favour large retail chains.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira described the pilot as a breakthrough in bridging the digital economy and tourism sector. “Retailers will receive payments just like ordinary transactions. Unlike foreign systems tied to credit cards, ours benefits the small shops and vendors,” he said.
Spending Limits and Economic Potential
The pilot programme, which will run for 18 months, places limits on crypto-to-baht spending. Tourists may spend up to 500,000 baht (about S$18,800) per month, with individual transactions capped at 100,000 baht (about S$3,760).
If successful, Thai authorities have hinted at raising the monthly ceiling to 550,000 baht (about S$20,700), paving the way for crypto-funded purchases of high-value items such as property, luxury cars or even yachts.
Officials project major economic benefits if the system is widely adopted. With around 35 million tourists visiting Thailand annually, an increase of just 5,000 baht (about S$190) in average spending per traveller could generate additional economic activity worth 175 billion baht (about S$6.6 billion).
Security and Regulatory Oversight
The scheme is being rolled out under strict oversight by the Finance Ministry, Securities and Exchange Commission (SEC), the Anti-Money Laundering Office (AMLO), and the Tourism and Sports Ministry. Participating platforms will implement Know Your Customer (KYC) and Customer Due Diligence (CDD) checks to ensure compliance and reduce risks of fraud or money laundering.
Spending limits are tiered: smaller merchants face a 50,000 baht (S$1,880) monthly cap, while verified businesses under the Know Your Merchant (KYM) process may accept the higher 500,000 baht limit. Tourists can also reconvert unused baht back into digital assets within their exchange limits, with fees determined by participating crypto operators.
The SEC is reviewing regulations and expects the service to go live by the end of 2025. After the trial phase, the government will assess feedback from tourists and merchants before expanding the scheme nationwide.