by Kevin Helms
Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown.
The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn.
The governor detailed, “There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,” elaborating:
If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them.
He explained that the Thai tourism authority is laying the groundwork for the wider acceptance of cryptocurrencies, which it plans to have in place by the time global travel returns to normal.
The plan is already being discussed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the largest crypto exchange in the country, the governor revealed.
Furthermore, the authority will set up a new unit next year to handle the issuance of its own crypto tokens, produce a wallet, and build a new tourism ecosystem, he added. Thailand currently does not recognize cryptocurrencies, such as bitcoin and ether, as legal tender.
The Thai tourism authority aims to recoup some of the $80 billion in lost revenue due to the Covid-19 pandemic. In 2019, Thailand attracted almost 40 million foreign travelers, generating more than $60 billion in revenue.
However, the country shut down its borders for more than a year due to the pandemic. It recently opened its borders to vaccinated travelers.
Yuthasak suggested that Thailand could recoup about 80% of its pre-pandemic tourism revenue in 2023 with only half the number of foreign tourists in 2019 “by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here.”
He expects Thailand’s tourism industry to return to pre-Covid levels by 2024, adding that the country is targeting about 1 million high-spending tourists in the first quarter of next year. Meanwhile, the authority hopes that 10% of crypto holders will eventually travel to Thailand.
The TAT governor opined:
Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists.
What do you think about Thailand becoming a crypto-positive society? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November
Cryptocompare, the firm that provides institutional and retail investors with real-time and historical cryptocurrency data, has published the firm’s November 2021 Digital Asset Management Review. The report covers crypto exchange-traded products (ETPs), and recent findings show alternative crypto asset investment … read more.
Ghana’s Minority Lawmakers Reject Government Proposal to Tax Mobile Money Transactions
The Ghanaian government’s proposal to introduce a 1.75% levy on digital transactions was recently rejected by a minority of lawmakers who insist the new tax derails efforts to help increase the number of adults that are financially included. The Digital … read more.
Check all the news here
by Kevin Helms