Thailand aspires to be a “Crypto-Positive Society.”

Thailand is creating the foundation to become a “crypto-positive society” in order to attract cryptocurrency holders and increase the country’s tourist business. The country seeks to recoup part of the $80 billion in tourism income lost as a result of the Covid-19 outbreak and subsequent closure.

The Tourism Authority of Thailand (TAT) is collaborating with the country’s authorities to make it simpler and more comfortable for visitors to spend cryptocurrency in Thailand, according to Bloomberg, citing TAT Governor Yuthasak Supasorn.

“There are people who have become wealthy from holding digital currencies, and they may want to use the wealth they have accrued,” the governor explained, adding:

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 said that the Thai tourist administration is creating the basis for expanded cryptocurrency adoption, which it hopes to have in place by the time global travel resumes normal.

The governor said that the concept is already being discussed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the country’s largest crypto exchange.

Furthermore, he stated that the authority will establish a new unit next year to manage the issuing of its own crypto tokens, create a wallet, and construct a new tourist environment. Currently, Thailand does not recognize cryptocurrencies such as bitcoin and ether as legal money.

Thai tourist officials hope to regain part of the $80 billion in income lost because to the Covid-19 outbreak. Thailand drew around 40 million international visitors in 2019, earning more than $60 billion in income.

However, owing of the epidemic, the country’s borders were closed for more than a year. It has lately opened its doors to immunized visitors.

According to Yuthasak, Thailand may recuperate almost 80% of its pre-pandemic tourism earnings in 2023 with just half the number of international tourists in 2019 “by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here.“

He anticipates that Thailand’s tourism sector will recover to pre-Covid levels by 2024, and that the government will target around 1 million high-spending tourists in the first quarter of next year. Meanwhile, the authorities expects that 10% of cryptocurrency holders will visit Thailand at some point.

The TAT governor opined:

Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists.

Patrick

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