Thailand Introduces Tourist Wallet for Foreign Visitors, Cryptocurrency Functionality Still in Sandbox Phase

On August 18th, as reported by CoinDesk, Thailand has initiated the Tourist Wallet for foreign tourists. This wallet is used for QR code payments to convert foreign currency into Thai Baht. However, the cryptocurrency exchange function has been temporarily suspended due to regulatory reviews and is not expected to be available until mid-August. The Bank of Thailand stated that the purpose of launching the Tourist Wallet is to address a practical issue. Currently, cross-border QR code payments are only available in countries such as Singapore, Malaysia, and upcoming partner countries. Tourists from other countries still encounter inconvenience when making payments in Thailand, and the new wallet aims to address this pain point. Tourists can top up the wallet in the following ways: using cash at service provider counters, linking a foreign debit or credit card, or through overseas bank transfers. The spending limits are as follows: a maximum of 500,000 Thai Baht (approximately $13,800) per month for merchants using card terminals, and a maximum of 50,000 Thai Baht per month for small merchants. Cash withdrawals are not allowed, and the account can only be closed through redemption.