Thailand gambles on crypto experiment to recover tourists

Thailand is struggling with declining visitor numbers and is looking for new ways to make the country attractive. Especially the staying away from Chinese tourists is touching the economy. The government therefore wants to start a striking experiment with crypto payments. But can this really turn the competition with countries such as Japan and Vietnam?

Baht remains the end point of any payment

The Thai Securities and Exchange Commission (SEC) announced this week that there will be a so -called sandbox in which tourists can exchange their crypto to Thai Baht. They can then publish that Baht via e-Money services. Retailers always receive baht, not immediately crypto. The test is named ‘Touristdigipay’ and starts in the fourth quarter of 2025 and runs for a year and a half.

According to the SEC, the test is being carried out in collaboration with the Ministry of Finance, the Ministry of Tourism and the Anti-Money Laundering Office. Clear rules apply: there is a monthly spending limit, no cash may be withdrawn and both crypto providers and e-Money companies must comply with the KYC and CDD requirements of the anti-money laundering authority.

SEC Secretary-General Pornanong Budsaratragoon says that the program contains “appropriate risk management measures that should protect both tourists and shopkeepers”.

Fewer visitors from China and East Asia

The background of the test is worrying. In the first half of 2025, Thailand attracted 16.8 million tourists, a decrease of almost 1 million compared to the same period a year earlier. The number of visitors from East Asia fell by 24 percent, even by 34 percent from China.

According to the World Tourism Institute, competitors such as Japan and Vietnam have the wind in their sails. The weak yen makes Japan more affordable and Vietnam is naturally cheaper. In a report, the institute stated that Thailand must quickly renew in order not to fall behind.

The idea of ​​using crypto for tourism is not new. At the beginning of this year, a test was announced in Phuket where visitors could pay with crypto. It still runs.

The question remains whether crypto tourism can mean a breakthrough. Analysts doubt whether a new payment method is sufficient to recover millions of travelers. For many, price and convenience remain decisive.