Bangkok: The government has launched a new initiative called “TouristDigiPay” to test a payment system that allows digital assets to be converted into Thai baht for transactions within Thailand.

According to Thai News Agency, Ms. Sasikarn Wattanachan, Deputy Government Spokesperson, announced that this project aims to support the Thai economy and tourism industry by enabling international tourists to convert their digital assets into local currency for purchasing goods and services.

This initiative is a collaborative effort involving the Ministry of Finance, the Securities and Exchange Commission (SEC), the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports. The primary aim is to improve the travel experience while ensuring that participating merchants continue to receive payments in Thai baht.

Digital asset operators and e-Money service providers involved in the TouristDigiPay project are required to adhere strictly to anti-money laundering regulations, including Know Your Customer (KYC) and Customer Risk Assessment (CDD) protocols, to prevent misuse of the system.

The project will be tested in a sandbox environment for 18 months before being assessed for its effectiveness and potential for expansion. The government anticipates that this project will enhance the competitiveness of Thailand’s tourism sector, attract foreign investment, and strengthen the country’s financial innovation infrastructure within a stringent legal framework.

Ms. Sasikarn emphasized that the TouristDigiPay project marks a significant step in the government’s strategy to fortify the Thai economy. It aims to secure the financial system and instill confidence among tourists and the public, showcasing Thailand’s readiness to advance with stability and competitiveness on the global stage.