Thailand is working hard to boost its dominance in the global crypto market. According to the most recent information from Bloomberg, the nation has launched an 18-month pilot program to enable tourists from outside the nation to convert cryptocurrencies into the national currency of Thailand for making local payments in the nation.
It is said that the move to permit conversion in fiat is a development strategy to support tourism in Thailand. According to the officials, initially, the conversion amount permitted is $550,000 to pilot and to prevent money laundering.
Furthermore, Lavaron Sangsnit, the permanent secretary to the Finance Ministry, said the limit of conversion of cryptocurrencies into Thai Baht could be reassessed once the 18-month pilot is over.
It is largely argued that the move to permit crypto conversion came following a decline in the number of foreign tourists in Thailand, a known tourist spot in Asia.
According to Statista, the estimated revenue of the Thai crypto market is expected to reach $793.6 million in the current year, and with a CAGR of 1.45% the revenue is foreseen at $805.1 million by next year.
Thailand tourism sector experienced a steep decline in 2025
According to the Tourism and Sport Ministry of Thailand, in the first 7 months of 2025, the foreign tourist arrivals in the nation have fallen by around 6% compared to the same period in 2024. It is said that the decline comes following Japan, China, and Vietnam’s changing stance on their tourism and eyeing to capture the global tourism market.
In the first six months, Thailand only greeted 16.69 million foreign tourists, yet in the same duration, Japan has welcomed 21.5 million international tourists, with a clear 21% YoY surge. Nevertheless, the nation has gathered 895.16 billion baht in revenue from foreign tourism in the first 7months, but still this figure is 4.22% less than the revenue in the same duration in 2024.
By the end of the year, the aim of Thailand was to welcome around 35 to 40 million foreign tourists, yet with the decline mirrored in the 1st seven months, the revised aim for tourists is 32 to 34 million. Yet the number of foreign tourists in Japan, China, Vietnam, and India has grown since the beginning of this year, and India aims to attract 19.2 million international tourists, marking a rough 20% increase compared to the previous year.
