Crypto sandbox targets tourists

Scheme changes digital assets to baht

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

The TouristDigiPay sandbox, an 18-month initiative that allows foreign tourists to convert digital assets into baht for domestic spending, is strengthening Thailand's digital economy and positioning the country as a regional leader, according to cryptocurrency exchange operators.

Nirun Fuwattananukul, chief executive of Binance TH by Gulf Binance, said the initiative spearheaded by the Securities and Exchange Commission and the Bank of Thailand offers a seamless way for tourists to use digital assets while leveraging Thailand's robust payment infrastructure.

The sandbox programme offers international travellers, including digital nomads and an increasing number of crypto holders globally, a fast, convenient and cashless payment alternative that enhances the appeal of Thailand's tourism offerings, said Mr Nirun.

"Beyond boosting the competitiveness of Thailand's tourism sector, this initiative also holds the potential to accelerate the growth of the country's digital asset industry, moving Thailand closer to its vision of becoming a regional digital financial hub," he told the Bangkok Post.