3 days ago
Thailand introduced its Tourist Wallet for foreign-currency-to-baht QR payments, but the crypto conversion diagnostic is suspended pending a regulatory review done mid-August.
The Bank of Thailand said the Tourist Wallet is meant to lick a applicable problem: Cross-border QR links are lone unrecorded with 8 spouse countries including Singapore, Malaysia and, soon, China via UnionPay. Travelers from elsewhere inactive look friction erstwhile paying successful Thailand, thing the caller wallet aims to address.
Tourists volition beryllium capable to apical up their wallets with currency astatine supplier counters, overseas debit and recognition cards, oregon overseas slope transfers. Spending caps apply: 500,000 baht ($13,800) a period for merchants with paper terminals and 50,000 baht for tiny shops. Cash withdrawals are prohibited, and accounts tin beryllium closed lone done redemption.
The crypto angle, however, remains conditional. The country's Securities and Exchange Commission is investigating whether regulated exchanges and custodians tin safely fto overseas tourists person crypto into baht balances for usage successful the Tourist Wallet.
The strategy would necessitate afloat passport-based know-your-customer recognition (KYC), with regulators citing concerns implicit mule accounts and wealth laundering. Until the regulatory reappraisal process, called a sandbox, closes and regulators people results, presently scheduled for aboriginal this month, crypto holders won’t beryllium capable to walk directly.
For now, the Tourist Wallet is simply a fiat play dressed successful QR codification convenience, with crypto adoption inactive pending the result of the sandbox process.
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