Speaking after the launch of the TouristDigiPay scheme, Mr Pichai said the initiative, which is scheduled to operate as a nationwide sandbox, will enable foreign tourists visiting Thailand to convert their digital assets into baht and use them via the country’s e-money system, reports the Bangkok Post.
Thailand is likely to be the first country in the world to implement this feature, he said, adding that tourists would be able to make purchases at a range of businesses, from small shops to large retailers. If the pilot phase proceeds smoothly, these limits may be increased in the future, said Mr Pichai.
He added that he expects the project to increase spending by foreign tourists in Thailand by around 10%, equivalent to around 175 billion baht.
Finance permanent secretary Lavaron Sangsnit said the project will not be limited to any specific area but will be available nationwide, with only the spending limits being restricted.
Pornanong Budsaratragoon, secretary-general of the Securities and Exchange Commission (SEC), noted that the project is expected to launch in the fourth quarter of the year, coinciding with Thailand’s high tourism season.
Foreign tourists wishing to convert digital assets into baht to pay for goods and services in Thailand would be required to complete Know Your Customer procedures to open an account with a digital asset service provider and create a tourist wallet with an e-money provider.
The digital assets would then be transferred into the wallet linked to the regulated digital asset provider, where they will be converted into baht and could be used for spending within the country.
For general merchants accepting payments via the tourist wallet, the process would be almost identical to Thai consumers using such e-wallets today.
Ms Pornanong added that the tourist wallet spending limits would be set at B50,000 a month for small merchants and up to B500,000 a month for merchants that complete ‘Know Your Merchant’ procedures, totalling a maximum of B550,000.
This means that foreign tourists could exchange digital assets for baht in the e-wallet up to B550,000, she added.