Thailand plans to become a ‘crypto-positive society’: Governor says ‘cryptocurrencies are the future’

Thailand is laying the groundwork to become a “crypto-positive society” with the aim of attracting crypto holders and boosting its tourism industry. The country hopes to recover some of the $ 80 billion in tourism revenue lost due to the Covid-19 pandemic and the subsequent shutdown.

Thailand plans to attract crypto holders

The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrency in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn.

The governor explained: “There are people who have become rich with the possession of digital currencies and they may want to use the wealth they have accumulated,” and explained the following:

“If they can use their coins here without having to change them, or face government taxes, then it would be convenient for them.”

    He explained that the Thai tourism authority is laying the groundwork for greater acceptance of cryptocurrencies, which he plans to have in place by the time global travel returns to normal.

The plan is already being discussed with the Securities and Exchange Commission of Thailand (SEC), the Bank of Thailand (BOT) and Bitkub Online Co., the country’s largest cryptocurrency exchange, the governor revealed.

Furthermore, the authority will establish 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 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 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 tourism revenue it had before the pandemic this would happen in 2023 with only half the number of foreign tourists coming in in 2019 “by making someone like Russell Crowe or a keeper of cryptocurrencies 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 high-spending tourists in the first quarter of next year. Meanwhile, the authority expects that 10% of crypto holders will eventually travel to Thailand.

The governor of TAT gave his opinion in this regard, as follows:

“Cryptocurrencies are the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists.” Reference:

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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