Boosting tourist spending with crypto convenience

The government expects the scheme to boost foreign tourist spending by around 10 percent, putting an additional THB175 billion (US$5.4 billion) into circulation or another THB5,000 per person. With an estimated 33 million international arrivals in 2025, down from nearly 40 million before the pandemic, authorities hope the added convenience will give Thailand an edge over regional rivals.

“This is the world’s first model that doesn’t use crypto directly as a payment medium, but converts it to Thai baht for use through e-money,” Finance Minister Pichai said at the launch. “It benefits small retailers because they can accept payments like normal transactions, unlike foreign systems that tie crypto to credit cards for use only at large stores.”

Tourism makes up roughly 12 percent of Thailand’s GDP, and with Chinese visitor numbers slipping sharply this year due to global economic uncertainties, officials are eager to attract travelers from other regions like the Middle East and other Southeast Asian nations.

Laying the groundwork for digital expansion

The program draws inspiration from the Phuket Sandbox, a succesful “test-and-go” pilot program that was intended to relax pandemic-era travel restrictions in 2021. Similarly, the crypto sandbox could be expanded further if deemed successful. Permanent Secretary for the Ministry of Finance Lavaron Sangsnit suggested that transaction limits may be raised after the trial, with future potential for tourists to use converted assets for high-value purchases such as property or yachts.

For now, the emphasis remains on creating a frictionless, safe, and tourist-friendly payment channel. By merging digital innovation with its tourism sector, Thailand hopes to position itself as a global testbed for crypto-driven financial solutions.