Thailand will start an 18-month pilot program letting foreign visitors convert cryptocurrencies into baht for local payments.

The system will cap conversions at 550,000 baht ( US$17,000) to test operations and address money laundering risks, according to Finance Ministry permanent secretary Lavaron Sangsnit.

Tourists will use Thai-based cryptocurrency exchanges, moving funds into online wallets to pay local businesses, Finance Minister Pichai Chunhavajira said.

Thailand is rolling out the initiative as foreign tourist arrivals have dropped, with the state planning agency cutting its 2025 forecast by 10% to 33 million visitors.

This figure remains below the 2019 peak, when Thailand saw 39.9 million tourists and 1.9 trillion baht (US$58.9 billion) in revenue.

Officials said the spending cap could be reviewed after the pilot ends.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Thailand uses tourism as testing ground for controlled crypto integration

Thailand’s crypto payment pilot represents a calculated approach to digital asset adoption, using tourism as a contained environment to test broader financial integration.

The program operates under regulatory sandbox principles, allowing authorities to monitor crypto transactions while limiting exposure through spending caps of 550,000 baht per tourist1.

This controlled approach builds on Thailand’s established digital asset regulatory framework, which has been in place since May 2018 with SEC oversight and strict compliance requirements2.

By targeting tourists specifically, Thailand can test crypto payment systems without disrupting domestic financial stability. The QR code infrastructure ensures merchants receive stable baht rather than volatile cryptocurrencies1.

The pilot’s 18-month timeline allows for comprehensive data collection on transaction volumes, user behavior, and economic impact before deciding on broader implementation.

2️⃣ Crypto payments target higher-spending tourist segments amid sector recovery challenges

Thailand’s crypto initiative directly addresses tourism revenue challenges, with visitor numbers at 28 million in 2023 still significantly below the pre-pandemic peak of 39.9 million in 20191.