Thailand pitches crypto-to-baht QR payments sandbox to revive slowing tourism

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Crypto users might be tempted to cash in on near-peak prices in the Land of Smiles as early as this month, as regulators plot out a new payments sandbox.

Thailand’s government is reportedly preparing to unveil the TouristDigiPay initiative that would allow foreign visitors to convert digital assets into Thai baht for use at local merchants.

According to local news outlet The Nation, a formal announcement is expected on Monday, during a press briefing led by Finance Minister Pichai Chunhavajira and other top officials.

While no official list of eligible cryptocurrencies has been publicly released for the scheme, it’s likely limited to tokens already sanctioned by Thailand’s Securities and Exchange Commission.

As of March, the SEC’s approved list includes Bitcoin, Ethereum, XRP, Stellar, and the USDC and USDT stablecoins.

Officials say the initiative aims to counter sliding tourist arrivals, particularly from China, and lower friction for crypto-savvy visitors.

The Tourist Wallet will support QR code payments at launch, with future enhancements under consideration.

“It will initially function as an e-money system for currency conversion,” said Naphongthawat Phothikit, senior director at the Bank of Thailand, “with future plans to link it directly to foreign debit and credit cards.”

Officials say the pilot is part of broader efforts to boost inbound tourism, which has faltered despite a strong post-pandemic reopening.

In the first seven months of 2025, Thailand recorded 19.3 million foreign arrivals, down 6% year-on-year, alongside a 4.2% drop in international tourism revenue.

The Thai Ministry of Finance did not immediately respond to a request for comment.