According to a report from Reuters in Bangkok, the Thai government is actively seeking to revive the sluggish tourism industry by launching cryptocurrency exchange services to Thai baht, aiming to attract international travelers to Thailand.
The Thai Ministry of Finance announced on Monday that it will initiate an 18-month pilot program allowing foreign tourists to convert cryptocurrencies into Thai baht, which can then be deposited into a government wallet for local tourism expenditures. This new policy marks an important step for Thailand to strengthen the recovery of its tourism industry, aimed at attracting more international visitors while also addressing the negative image stemming from multiple abduction scam incidents over the past year. Earlier this year, Chinese artist Wang Xing was kidnapped and forced to engage in scams by gangsters in a fraud park. The incident garnered international attention after extensive social media exposure by his girlfriend. Additionally, there have been numerous reports of Taiwanese citizens having their passports confiscated at Bangkok airport and being sold as “pigs” to scam syndicates. These negative reports have severely impacted the willingness of Chinese-speaking community tourists to visit Thailand.
Lavaron Sangsnit, the Permanent Secretary of the Ministry of Finance, stated that the pilot phase of the program will set a limit of 550,000 Thai baht (approximately $16,949) for cryptocurrency exchanges per tourist. He emphasized that the new policy will strengthen measures against money laundering, and the exchange limit may be reassessed based on actual circumstances after the pilot period ends.
Thailand Combines Cryptocurrency with Tourism
Finance Minister Pichai Chunhavajira indicated that international tourists will be able to convert cryptocurrencies into Thai baht through local cryptocurrency trading platforms in Thailand, allowing these funds to be stored in online wallets for convenient spending at local merchants. This new measure is expected to simplify the payment process and stimulate tourist spending. Pichai Chunhavajira pointed out that this new plan will boost Thai tourism and help increase the overall spending amount of international visitors, thereby driving the overall economic growth of Thailand.
Projected Decrease in Foreign Tourist Numbers
Despite the Thai government’s introduction of a series of new policies to attract tourists this year, the recovery of the tourism industry has progressed slowly following the pandemic. The National Economic and Social Development Council of Thailand has revised its forecast for the number of foreign tourists in 2025 down by 10%, to approximately 33 million, which is significantly lower than the pre-pandemic peak of 39.9 million tourists in 2019, which contributed 1.91 trillion Thai baht (approximately $58.86 billion) to the economy that year.
Strengthening the Fight Against Fraud and Money Laundering
In addition to actively promoting the new cryptocurrency payment policy, the Thai government has also intensified efforts to combat tourism-related fraud and money laundering activities. Thai police are collaborating with multiple countries to launch operations against illegal business activities and fraud parks, aiming to protect foreign tourists from scams and shape Thailand’s image as a safe travel destination. Thailand hopes to once again attract tourists from around the world and regain its status as a popular global tourist destination.
Risk Warning
Investing in cryptocurrencies carries high risks, and prices may fluctuate dramatically, potentially resulting in a total loss of principal. Please carefully assess the risks.