Thai government uses blockchain technology to simplify the VAT refund process for foreign tourists

From the end of this month, foreign visitors to Thailand will be able to apply for a refund of VAT generated by the purchase through a blockchain application and send the funds directly to their credit card or mobile payment application.
In addition to reducing the administrative costs of the relevant departments and the applicant's paperwork by introducing blockchain payment methods, the Thai government has also raised the upper limit for VAT refunds from £12,000 per passenger to £30,000. It is reported that the Bank of Thailand (KTB) provides a technical solution for VAT refunds.