Sam Striker
Published: Tuesday, August 19
Updated: Tuesday, August 19
3 months ago
Credited from: REUTERS
Thailand is set to launch an 18-month pilot program allowing foreign tourists to convert cryptocurrencies into baht for local payments, as part of efforts to rejuvenate the tourist sector. This initiative comes in response to a significant drop in foreign tourist arrivals, a critical revenue source for the country, according to Channel News Asia, South China Morning Post, and Reuters.
The conversion limit is set at 550,000 baht (approximately $16,900) to test the system and prevent potential money laundering, with reassessment planned post-pilot. Finance Minister Pichai Chunhavajira emphasized that this project "will support tourism," potentially increasing tourist spending during initial phases, according to Channel News Asia, South China Morning Post, and Reuters.
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