Thailand launches crypto wallet for tourists

The Thai government took a significant step toward a digital tourism model with the launch of the TouristDigiPay crypto wallet. The tool will facilitate the use of cryptocurrencies by visitors and strengthen their adoption.

The government has detailed that the project to launch the wallet was supervised by the Securities and Exchange Commission of Thailand. It also indicated that TouristDigiPay will operate within a “safe environment to ensure strict compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.”

Visitors will be able to pay with this wallet at local businesses, where the local currency, the Thai baht, will be converted into cryptocurrencies such as Bitcoin, with the option of linking it to foreign debit and credit cards.

Authorities have set a spending limit based on the size of participating businesses. “Large spaces with electronic payment terminals will have a maximum of 500,000 baht per month (around US$15,300), while smaller businesses will be able to process up to 50,000 baht (just over US$1,500).” This measure will help maintain control over operations.

The launch of the crypto wallet joins the Thai government’s initiatives to promote digital finance in a key sector such as tourism, which has generated more than US$26.25 billion this year.

M.Pino

Source: cripto247

(Reference image source: Jonathan Borba on Unsplash)

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