Thailand to become ‘crypto-positive society’

What

Thailand is creating the foundations to become a “crypto-positive” society

Why

The tourism Authority of Thailand is spurring on crypto users from around the world to visit and spend cryptocurrencies without having to convert

What next 

Thai tourism plans to create a crypto ecosystem that will issue its own crypto tokens

The story

In a bid to revitalise its ailing economy, Thailand wants to create a ‘crypto-positive society’, where visitors can spend a variety of cryptocurrencies without converting to the local baht.

The Tourism Authority of Thailand (TAT) Governor Yuthasak Supasorn said, “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.”

Supasorn explained the Thai tourism authority is laying the groundwork for wider acceptance for cryptocurrencies, having already consulted the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the largest crypto exchange in the country.

The Authority will also set up a new unit next year that aims to create a crypto environment unique to Thailand. It will allow the issuance of its own crypto tokens, a digital wallet, and the opportunity to build a new tourism ecosystem.

So far Thailand has lost roughly $80 billion in lost revenue due to the Covid-19 pandemic. The long term goal is to return to pre-Covid levels by 2024, with TAT hoping for 10% of crypto holders to eventually travel to Thailand. 

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