Thailand will introduce a system allowing foreign tourists to convert digital assets into the Thai baht for use in shops and services. The move aims to support the country’s tourism sector. This is reported by Vietnam News Agency (VNA), a partner of TV BRICS.
Under the new regulations, foreign tourists wishing to convert digital assets into baht for spending must open an account with a digital asset business and an e-money provider, both of which are regulated by the SEC and the Bank of Thailand (BOT) respectively. The scheme will operate in a regulatory “sandbox” to ensure oversight.
Only short-term foreign visitors will be eligible. They must pass strict identity checks. Payments will be made electronically, such as by scanning QR codes. Any remaining balance can only be withdrawn when closing the account.
Sourced from: https://tvbrics.com/en/news/thailand-to-allow-tourists-to-convert-digital-assets-into-baht-for-payments/