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Thailand Introduces Tourist Wallet for Foreign Visitors, Cryptocurrency Functionality Still in Sandbox Phase
BlockBeats News, August 18th, according to CoinDesk's report, Thailand has launched the Tourist Wallet for foreign tourists, which is used for QR code payments to exchange foreign currency for Thai Baht. However, the cryptocurrency exchange function has been temporarily suspended due to regulatory review 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 problem: cross-border QR code payments are currently only available in countries including Singapore, Malaysia, and upcoming partner countries. Tourists from other countries still face 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 via 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 prohibited, and the account can only be closed via redemption.
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