Thailand is set to introduce a new initiative allowing foreign visitors to convert cryptocurrency into Thai baht for spending, in a bid to revive its slowing tourism sector.

The scheme, named “TouristDigiPay,” will officially launch on Monday, August 18, with full details to be announced at a press conference led by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, joined by senior officials from the Finance Ministry, SEC, AMLO, and the Ministry of Tourism and Sports.

Crypto-backed revival for tourism

Tourism in Thailand has faced a slowdown this year, particularly from declining visitor numbers from China. To counter this, the government has turned to financial innovation, with the SEC recently…