Thailand is laying the groundwork to become a ‘crypto-positive company’ with the aim of attracting crypto holders and boosting its tourism industry. The country hopes to recoup some of the $ 80 billion in lost tourism revenue due to the Covid-19 pandemic and the closure that followed.
Thailand plans to attract crypto holders
The Tourism Authority of Thailand (TAT) is working with regulators around the country to make it easier and more convenient for visitors to spend cryptocurrency in the country, Bloomberg reported on Saturday citing the TAT governor. Yuthasak Supasorn.
The governor detailed: “There are people who have become rich by holding digital currencies and they may want to use the wealth they have accumulated,” adding:
If they can use their currencies here without having to exchange them, or face government taxes, it would be more convenient for them.
He explained that the Thai tourism authority is laying the groundwork for wider acceptance of cryptocurrencies, which it plans to put in place by the time travel around the world returns to normal.
The plan is already being discussed with Thailand’s Securities and Exchange Commission (SEC), Bank of Thailand (BOT) and Bitkub Online Co., the country’s largest crypto exchange, the governor has revealed.
In addition, the authority will set up a new unit next year to manage the issuance of its own crypto tokens, produce a wallet and create a new tourism ecosystem, he added. Thailand does not currently recognize cryptocurrencies, such as bitcoin and ether, as legal tender.
Thailand’s tourism authority aims to recover some of the $ 80 billion in revenue lost due to the Covid-19 pandemic. In 2019, Thailand attracted nearly 40 million foreign travelers, generating more than $ 60 billion in revenue.
However, the country has closed 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 around 80% of its pre-pandemic tourism revenue in 2023 with only half the number of foreign tourists in 2019 “by having someone like Russell Crowe or a crypto holder like Tim Cook travel here. “.
He expects Thailand’s tourism industry to return to pre-Covid levels by 2024, adding that the country is targeting around 1 million spendthrift tourists in the first quarter of next year. Meanwhile, the authority is hoping that 10% of crypto holders will eventually travel to Thailand.
The TAT Governor said:
Crypto is the future, so we need to make Thailand a crypto-positive society to accommodate this quality group of tourists.
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