Thailand plans to revive tourism with digital currency


The Tourism Authority of Thailand is planning to accept cryptocurrencies, to attract people who own this currency to travel.

According to Mr. Yuthasak Supasorn, Director General of Tourism of Thailand (TAT), the unit is working with regulators and a cryptocurrency exchange in the country to pave the way for digital currency acceptance for activities. tourism action. Mr. Supasorn said the move could help the Thai tourism industry make up for part of the $80 billion lost due to the pandemic.

“There are people who have become rich from holding digital currencies and they may want to use these assets. If they can use their crypto here without having to exchange or have to face government taxes, which will create convenience for them, the Tourism Authority of Thailand said in a recent interview.

Yuthasak Supasorn, Tourism Authority of Thailand. Photo: Bloomberg

However, it may still take a while for tourists to use Bitcoin, Ethereum and other cryptocurrencies in Thailand, as the country has not yet recognized these as legal currencies like many other countries. However, Yuthasak reports that TAT is laying the groundwork for wider adoption of cryptocurrencies as global travel returns to normal.

TAT will set up a new unit next year to handle the issuance of its own digital currency, set up wallets and build a new tourism ecosystem. According to Yuthasak, the National Administration of Tourism has negotiated with the Securities Commission, the Central Bank of Thailand and Bitkub Online – the largest cryptocurrency exchange in the country about the plan.

In 2019, Thailand welcomed nearly 40 million foreign tourists, generating over 60 billion USD in revenue. However, the pandemic forced the country to close its borders for more than a year before reopening it to travelers who had been fully vaccinated since last month.

Yuthasak predicts the tourism industry is likely to return to pre-Covid levels only by 2024, even though Thailand has allowed visitors from more than 60 countries to enter without quarantine. According to the Director General of TAT, the country is aiming to welcome 1 million high-spending tourists in the first quarter. At the same time, the travel agency is also betting on 10% of crypto holders to come. Thailand.

“Cryptocurrency is the future, so we have to make Thailand an active society with digital currency to welcome this quality group of tourists,” Yuthasak said.

Tu Anh (according to Bloomberg)

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