Thailand Launches Crypto-to-Fiat Conversions for Tourists
The post Thailand Launches Crypto-to-Fiat Conversions for Tourists appeared on BitcoinEthereumNews.com. Thailand will launch a new scheme on Monday, August 18, to allow foreign visitors to convert cryptocurrency into Thai Baht for payments within the country. The initiative called “TouristDigiPay” is a direct response to a significant slowdown in tourism, primarily due to a decline in tourists from China, on which the country relies heavily, according to The Nation. Tourism momentum is weakening, reported the Bangkok Post last week, citing stiff competition from neighbouring countries offering visa exemptions, rising local prices, and border conflicts between Thailand and Cambodia. Thailand also planned a pilot scheme on the tourist island of Phuket that would enable tourists to spend Bitcoin, but it has yet to materialize. Not as Simple as it Seems Currently, it is virtually impossible for tourists to access Thai banking or online payment platforms, and using digital assets to pay for goods and services directly remains outlawed by the central bank. Meanwhile, the country is pressing ahead with its ambitions to become a cashless society. The new program, which is only available to temporary visitors, will operate within a regulatory sandbox to ensure proper oversight and risk management, “particularly to prevent the direct use of digital assets as a means of payment,” the report noted. Additionally, those wanting to use the new crypto-to-fiat conversion system must open a local account with a Thai SEC and central bank-regulated “digital asset business and an e-money provider.” Stringent Know Your Customer (KYC) and customer due diligence checks will also be required, and this may be the kicker. The uptake of such a scheme may be muted as very few holidaymakers are likely to want to jump through KYC hoops and divulge sensitive financial information to access a foreign app and trust it with their crypto assets. The central bank is also developing a “tourist…
The post Thailand Launches Crypto-to-Fiat Conversions for Tourists appeared on BitcoinEthereumNews.com.
Thailand will launch a new scheme on Monday, August 18, to allow foreign visitors to convert cryptocurrency into Thai Baht for payments within the country. The initiative called “TouristDigiPay” is a direct response to a significant slowdown in tourism, primarily due to a decline in tourists from China, on which the country relies heavily, according to The Nation. Tourism momentum is weakening, reported the Bangkok Post last week, citing stiff competition from neighbouring countries offering visa exemptions, rising local prices, and border conflicts between Thailand and Cambodia. Thailand also planned a pilot scheme on the tourist island of Phuket that would enable tourists to spend Bitcoin, but it has yet to materialize. Not as Simple as it Seems Currently, it is virtually impossible for tourists to access Thai banking or online payment platforms, and using digital assets to pay for goods and services directly remains outlawed by the central bank. Meanwhile, the country is pressing ahead with its ambitions to become a cashless society. The new program, which is only available to temporary visitors, will operate within a regulatory sandbox to ensure proper oversight and risk management, “particularly to prevent the direct use of digital assets as a means of payment,” the report noted. Additionally, those wanting to use the new crypto-to-fiat conversion system must open a local account with a Thai SEC and central bank-regulated “digital asset business and an e-money provider.” Stringent Know Your Customer (KYC) and customer due diligence checks will also be required, and this may be the kicker. The uptake of such a scheme may be muted as very few holidaymakers are likely to want to jump through KYC hoops and divulge sensitive financial information to access a foreign app and trust it with their crypto assets. The central bank is also developing a “tourist…
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