Thailand has announced a new 18-month pilot programme that will allow foreign tourists to convert cryptocurrencies into baht for local spending.
The initiative, revealed on Monday by the Ministry of Finance, aims to support the country’s vital tourism industry, which remains below pre-pandemic levels.
Visitors will be able to convert digital assets through local crypto exchange platforms, with funds transferred into online wallet applications to facilitate payments across businesses.
The conversion limit has been set at 550,000 baht ($16,949.15), with the government highlighting both tourism growth and money-laundering safeguards as key objectives.
Crypto conversions capped at 550,000 baht
The Ministry of Finance confirmed that conversions under the pilot scheme will be capped at 550,000 baht ($16,949.15).
Finance Ministry permanent secretary Lavaron Sangsnit stated that the limit is designed to prevent money laundering during the initial trial.
The cap could be revisited after the 18-month programme, depending on its outcomes and regulatory assessments.
Finance Minister Pichai Chunhavajira explained that tourists will convert their cryptocurrencies through Thai-based exchanges, and the resulting baht will be placed in digital wallets for use in shops, restaurants, and hotels.
Tourism sector faces lower 2025 forecast
Thailand’s National Economic and Social Development Council announced on Monday that it has lowered its 2025 forecast for foreign tourist arrivals by 10% to 33 million.
This is below the previous estimate, reflecting weaker outlooks in regional travel demand.
The current forecast stands well below Thailand’s pre-pandemic peak in 2019, when the country recorded 39.9 million visitors, generating 1.91 trillion baht ($58.86 billion) in revenue.
The new crypto conversion pilot is expected to encourage higher spending from international tourists during their stay.
Baht payments enabled through local platforms
Under the plan, Thai-based cryptocurrency exchanges will act as the primary channel for tourists to convert their digital assets.
Once converted, the baht will be available in online wallet applications, which can then be used to make payments to local businesses.
The finance ministry highlighted that this structure is designed to bring more transparency to transactions, while also creating new channels of tourist spending in the early stages of the pilot.
The government noted that it will evaluate the programme’s performance throughout the 18-month period to determine next steps.
Balancing crypto adoption with economic recovery
Thailand’s initiative comes at a time when Southeast Asia’s second-largest economy is searching for new ways to boost its tourism revenues.
The pilot combines the global growth of digital assets with the country’s long-standing dependence on tourism.
While the cap of 550,000 baht provides safeguards against financial risks, officials signalled that the figure may be adjusted depending on the results of the trial.
The government has underlined that the programme is not only a tool to support immediate tourism but also a potential long-term step in linking cryptocurrency use with Thailand’s economic strategy.
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