Latest news with #ThaiBaht
Mint
2 days ago
- Business
- Mint
Crypto payments for Thailand tourists: US, UAE, Japan and other countries that let you pay with Bitcoin, Ether, more
Financial regulators in Thailand are mulling to let foreign tourists exchange cryptocurrency in exchange of Thai Baht to make purchases across the country, in a move to enhance its tourism sector. In a recently proposed initiative, the country announced intentions of launching a crypto sandbox for its tourists, who can convert their Bitcoin into real money and purchase goods and services. While the move is aimed to woo more tourists, Thailand is not the only country that accepts crypto payments. Here are six others. El Salvador was the first country to accept Bitcoin as a legal tender in 2021, allowing citizens and tourists alike to use the crypto coin for everyday life shopping, food and travel. However, the country agreed to roll back some aspects of Bitcoin usage following intervention from the IMF. One of Eurpoe's most crypto-forward nations, Malta is often called the 'Blockchain Island'. Retailers and restaurants across the country began accepting Bitcoin as early as 2016. Tourists can also use their digital assets to book flights and accommodations in Malta. Malta's Virtual Financial Assets Act (VFAA), which was introduced in 2018, streamlines licensing for crypto companies. The United Arab Emirates, especially Dubai, has witnessed a rapid growth of cryptocurrency adoption across sectors including retail, real estate, and hospitality. Top developers like DAMAC and Emaar accept Bitcoin and Ether payments to purchase properties. Expanding the opportunity, Emirates Airlines earlier this month signed an MoU with to accept crypto payments for booking flights. The airlines will by 2026 accept Bitcoin, Ethereum, and other digital currencies for flight bookings and in-flight services. Portugal, another crypto-friendly nation in Europe, encourages adoption of cryptocurrencies via tax policies and relaxed regulations. While it is not yet a legal tender in the country, many businesses accept Bitcoin payments. Japan recognised Bitcoin as a legal payment method as early as 2017, becoming one of the first countries to do so. While most transactions in Japan are cash-reliant, some retailers, electronics stores, as well as travel agencies now accept Bitcoin for tourists and residents. With Donald Trump's crypto push, the United States is adopting digital assets more than ever, though it is not yet a uniform system yet. However, tourists can leverage digital assets while travelling within the country.
Mint
2 days ago
- Business
- Mint
Thailand trip ahead? Bangkok may soon let tourists swap crypto for Baht — How does it work?
The Thai Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) is mulling to launch a 'crypto sandbox' for foreign tourists, a move that has been welcomed by digital asset exchange operators. The move is aimed at enhancing the competitiveness in Thailand's tourism, which otherwise does not allow its residents to pay in cryptocurrency. However, foreign tourists may soon be able to exchange crypto for Baht under the new rules. Here is your detailed guide of what a crypto sandbox is and how it will work in Thailand. The Bank of Thailand along with SEC has invited public comments on the launch of the crypto sandbox across the country that will allow foreign tourists to use digital assets in Thailand, in a landmark initiative. Foreign tourists in Thailand will now be able to convert their digital assets like cryptocurrency to baht for use during their stay in the country. The proposal further eyes to promote innovation, enhance digital asset utililisation and support the broader economy. Initially piloted in Phuket, the crypto sandbox initiative now expands to other parts of Thailand after receiving positive feedback. Foreign tourists will be able to exchange their digital assets to get baht from licensed digital asset operators. Thereafter, they can use the converted Thai Baht via e-money service providers to pay for goods and services across the country, the SEC said in a statement. 'Merchants would be required to open an account and make transactions through digital asset business operators under the SEC's supervision and e-money business operators under the Bank of Thailand's (BOT) supervision,' the SEC said. Sandbox participants would be allowed to provide services exclusively to foreign tourists who travel to, and temporarily reside in, Thailand. 'They must also conduct Know Your Customer/Customer Due Diligence (KYC/CDD) procedures according to the criteria of the Anti-Money Laundering Office (AMLO) and provide digital asset exchange services according to the type of license granted by the SEC,' as per the SEC. Participants are also required to establish connectivity with e-money operators regulated by the BOT. 'This connectivity would enable foreign tourists to use the converted Thai baht to purchase goods or services through electronic channels including QR code scanning.'
Bloomberg
07-07-2025
- Business
- Bloomberg
Thai Baht's Surge at Risk From Turmoil, Top Forecaster Says
The Thai baht's four-month rally is likely to falter as political turmoil is expected to weigh on the economy, according to the currency's top forecaster. The local currency may trade at 32.30 per dollar at the end of the year and into the first quarter of 2026, said Christoper Wong, senior FX strategist at Oversea-Chinese Banking Corp. That implies the baht would be just 0.7% stronger than its level on Monday, after surging more than 5% in the four months through June.
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Business Standard
07-07-2025
- Business
- Business Standard
Rupee slips on Trump's additional 10% Brics tariff; opens lower at 85.57/$
The Indian Rupee fell on Monday as US President Donald Trump threatened to impose an additional 10 per cent on countries aligning with Brics policies. The domestic currency opened 18 paise lower at 85.57 against the dollar on Monday, according to Bloomberg. All Asian currencies traded in the red with Thai Baht leading the fall, as caution loomed over the US reciprocal tariff deadline. The currency has appreciated 0.17 per cent so far this month, after having fallen 0.18 per cent in the first six months of the calendar year. President Trump, on Monday, threatened to levy an additional 10 per cent tariff on any country aligning itself with 'the Anti-American policies of BRICS,' fueling more uncertainty in the markets. 'Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10 per cent Tariff,' Trump said in a Truth Social post. 'There will be no exceptions to this policy.' The group's leaders, over the weekend, agreed to continue talks on a cross-border payment system for trade and investments, according to a Bloomberg report. Trump had previously threatened to slap 100 per cent levies on Brics in case they drop the dollar in bilateral trade. Meanwhile, Treasury Secretary Scott Bessent told CNN that several major agreements are nearing completion, according to reports. As others remain out of reach, he added that some deals may include a three-week extension option. However, India and the US are likely to take a final decision on the 'mini trade deal' in the next 24-48 hours, as per media reports. The Indian Rupee has remained range-bound over the past few days, trading between 85.30 and 85.60, analysts said. Nationalised banks have been buying dollars on dips, while exporters and other inflows have been selling on upticks, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Exporters are awaiting a move towards 86 to hedge, while importers are eyeing 85, he said. "In the meantime, market participants can cover their daily and weekly requirements. Today's opening is around 85.50, with an expected range of 85.30–85.80."
The Print
03-07-2025
- The Print
Delhi govt officer's home burgled while on vacation; cash, gold missing
'The homeowner immediately asked her to inspect the house along with their residential guard, Manish Kumar. On entering, they found one safe broken and cupboards open. He then directed the guard to call the police. A PCR call was made and police personnel later reached the spot,' it said. According to the FIR registered at the Tughlaq Road police station, the government officer had left for Spain and Italy for vacation with his family on June 13 and was scheduled to return to India on the night of June 29. Around 8.47 am that day, while he was at the Abu Dhabi airport in transit to Delhi, his house help, Janki, informed him over the phone that the main door of his residence was broken, the complaint read. New Delhi, Jul 3 (PTI) Expensive jewellery, lakhs in cash and foreign currency were stolen from the central Delhi residence of a government officer while he was travelling abroad with his family, police said on Thursday. The officer and his family reached their house at 9.30 pm. Only then were the missing items confirmed. According to the complainant, the stolen items included two sets of gold bangles weighing around 115 grams, a diamond-studded bracelet of about 16 grams, a gold chain, a gold pendant, earrings, five gold rings, three additional sets of earrings, around Rs 4-5 lakh in cash and approximately 18,000 Thai Baht received as daily allowance on official trips. Most of the stolen jewellery belonged to the officer's wife, read the FIR. The officer said more valuables might be missing, which would be reported once identified. The complainant expressed suspicion that someone familiar with the house and its layout may have been involved in the theft, as only specific locations where cash and jewellery were kept appeared to have been targeted. Crime and forensic teams have inspected the house and CCTV footage from nearby locations is being examined, police said. PTI SGV BM KSS KSS This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
