Summary
- The Securities and Exchange Commission of Thailand has announced plans to allow virtual asset payments for tourists.
- The TouristDigiPay project is scheduled to operate for 18 months starting from the fourth quarter of this year.
- During payment, virtual assets are not used directly; instead, they are converted to Thai Baht before payment is made.
The Securities and Exchange Commission of Thailand (SEC) plans to permit virtual asset (cryptocurrency) payments for tourists.
According to Cointelegraph on the 18th (local time), the Thai SEC will operate the 'TouristDigiPay' project for 18 months starting from the fourth quarter of this year. As a result, tourists visiting Thailand are expected to be able to make electronic payments using virtual assets.
However, virtual assets will not be used directly during transactions. Instead, they must first be exchanged for Thai Baht before the payment is processed. The SEC explained, "Virtual assets are not used directly as payment for goods and services," and "merchants will receive payments in Baht."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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