Thailand is laying the groundwork for becoming a “crypto-positive society”, which aims to attract crypto holders and promote its tourism industry. Due to the Covid-19 pandemic and subsequent closure, the country hopes to recover part of the US$80 billion in lost tourism revenue.
Thailand plans to attract cryptocurrency holders
Bloomberg on Saturday quoted Yuthasak Supasorn, director of the Tourism Authority of Thailand, as saying that the Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for tourists to use cryptocurrencies in the country.
The governor elaborated, “Some people become rich by holding digital currency, and they may want to use the wealth they have accumulated,” elaborated:
If they can use their currency here without having to exchange it, or face government taxes, then this will create convenience for them.
He explained that the Tourism Authority of Thailand is laying the foundation for wider acceptance of cryptocurrencies, and it plans to implement it when global travel returns to normal.
The governor revealed that the plan has been discussed with the Securities and Exchange Commission of Thailand (SEC), Bank of Thailand (BOT) and Bitkub Online Co., the country’s largest cryptocurrency exchange.
In addition, the authorities will set up a new department next year to handle the issuance of their own crypto tokens, produce wallets and build a new tourism ecosystem, he added. Thailand currently does not recognize cryptocurrencies such as Bitcoin and Ethereum as legal tender.
The goal of the Tourism Authority of Thailand is to make up part of the US$80 billion in lost revenue due to the Covid-19 pandemic. In 2019, Thailand attracted nearly 40 million foreign tourists and generated more than 60 billion U.S. dollars in revenue.
However, due to the pandemic, the country closed its borders for more than a year. It recently opened the border to vaccinated travelers.
Yuthasak suggested that Thailand can recover about 80% of its pre-pandemic tourism revenue in 2023, while the number of foreign tourists in 2019 is only half of 2019. “By letting people like Russell Crowe or Tim Cook Such cryptocurrency holders travel here.”
He expects Thailand’s tourism industry to return to pre-Covid levels in 2024, adding that the country’s goal is to have approximately 1 million high-spending tourists in the first quarter of next year. At the same time, the authorities hope that 10% of cryptocurrency holders will eventually go to Thailand.
Governor TAT believes:
Encryption is the future, so we must make Thailand an active encryption society to welcome this group of quality tourists.
How do you see Thailand becoming an active crypto society? Please let us know in the comments section below.
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