Thailand is working to strengthen its position in the global cryptocurrency market by launching a pilot program for currency conversion.
Pilot Program for Cryptocurrency Conversion
According to recent information from Bloomberg, Thailand has launched an 18-month pilot program that allows foreign tourists to convert cryptocurrencies into Thai Baht for local payments. The initial conversion limit is set at $550,000 to prevent money laundering.
Impact on the Tourism Sector
Lavaron Sangsnit, permanent secretary to the Finance Ministry, stated that the conversion limit could be reassessed once the pilot program is complete. This move is seen as a strategic step to support tourism in response to the declining number of foreign tourists.
Decline in Tourist Numbers in Thailand
According to the Tourism and Sport Ministry of Thailand, foreign tourist arrivals have decreased by about 6% in the first seven months of 2025 compared to the same period in 2024. While Thailand welcomed only 16.69 million foreign tourists, neighboring Japan saw 21.5 million international tourists.
The launch of the cryptocurrency conversion program could assist Thailand in recovering its tourism levels that have been affected by a decrease in foreign visitors, supporting the country's economy.
