Thailand Launches Tourist Crypto Payments Amid 5% Tourism Decline

- Thailand introduces TouristDigiPay to address slumping tourism numbers. - Initiative allows visitors crypto-to-baht exchange for payments via regulated providers. On August 18, 2025, Thailand launched TouristDigiPay, a nationwide regulatory sandbox designed to revitalize the country's declining tourism industry. The program allows visitors to exchange cryptocurrencies for Thai baht and make electronic payments through e-money providers regulated by the Bank of Thailand, addressing a significant drop in foreign visitors this year, especially from East Asia and China. The initiative addresses a significant drop in tourism, with Cointelegraph reporting on August 18 that Thailand welcomed approximately 16.8 million tourists in the first half of the year, a 5% decline from the 17.7 million visitors during the same period in 2024. This downturn included a 24% decrease in visitors from East Asia and a 34% plunge in arrivals from China. Observers link this trend to increasing competition from regional destinations like Vietnam and Japan, where more favorable currency conditions have attracted tourists. To ensure the system's security and stability, only foreign visitors who pass Know Your Customer (KYC) verification and open accounts with Thai-regulated digital asset businesses and e-money providers can participate in TouristDigiPay. In addition, authorities have implemented safeguards such as spending limits and restrictions on direct cash withdrawals to maintain compliance and prevent misuse. Further details about the initiative are expected from Deputy Prime Minister and Finance Minister Pichai Chunhavajira. The TouristDigiPay program builds on a public consultation regarding the use of digital assets for economic growth, which was held by Thailand's Securities and Exchange Commission (SEC) and concluded on August 13. The sandbox also follows a pilot project in Phuket that already allows cryptocurrency payments for goods and services. Meanwhile, in the broader crypto market, CoinMarketCap data from August 18 at 12:00 UTC shows Bitcoin (BTC) trading at $29,423, with a 2.1% increase in 24-hour trading volume. Ethereum (ETH) is priced at $1,845, reflecting a 1.7% increase.