The Tourism Authority of Thailand (TAT) has outlined their plans to make Thailand a crypto-friendly destination, which includes the creation of its own cryptocurrency token “TAT Coin”.
Thai cryptocurrency exchange Bitkub has urged the government to promote “cryptotourism” as a way add to the nation’s GDP. The Thai crypto exchange recently announced they would be launching their own Mastercard payment card, as part of a round of partnerships with Asia-Pacific cryptocurrency companies.
Thailand’s tourism industry has been severely hit during the Covid-19 pandemic, which was responsible for almost 20% of the GDP prior to the pandemic.
Jirayut Srupsrisopa, founder and CEO of the cryptocurrency exchange Bitkub was quoted by the Bangkok Post on how a cryptocurrency industry could help Thailand’s ailing tourism industry:
“Private sectors are ready to provide digital infrastructure, but we’re just waiting for the government to press the button by enacting laws, regulations or even policies to help facilitate digital asset markets. Our national GDP could grow six times if we can strengthen this market,”
While cryptocurrencies are not considered legal tender in Thailand, regulators have been increasing their regulation of crypto. Thailand’s SEC drafted regulations in August intended to strengthen investor protections.
Now that Thailand has opened its borders to tourists from over 60 countries, the nation is hoping to stimulate its economy with new tourism.
TAT governor Yuthasak Supasorn commented on how tourism is expected to return to pre-covid levels, but only in 2024.
“There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued. 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.”
The governor added:
“Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.