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Thailand's Governor aims to make the country a crypto-positive society. He believes that crypto is the future and, the nation aims to recover some of the lost tourism earnings by welcoming the crypto holders.
Thailand's Governor Vouches for a Crypto Positive Society
According to TAT Governor Yuthasak Supasorn, the agency works with Thai authorities to make it simpler and more accessible for tourists to use cryptocurrency in Thailand. As the Governor explained: "Someone may desire to spend the money they have gained as a result of owning digital currencies. If they don't have to worry about exchanging their money or paying taxes on it, they'll appreciate the ease.”
He explained that the Thai tourist bureau sets the basis for cryptocurrencies to be widely accepted once traveling returns to normal. According to the Governor, the idea has already been explored with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co.Thailand's largest crypto exchange.
Overview of the Thai Tourist Industry
He said the authority plans to create a new entity next year to manage its crypto tokens and create a wallet to enhance tourism further. Bitcoin and Ether are not considered legal currencies in Thailand. The Covid-19 outbreak has cost the Thai tourist industry close to $80 billion of income loss. In 2019, about 40 million visitors visited Thailand, bringing in more than $60 billion in revenue.
On the other hand, the pandemic forced the nation to close its borders for more than a year. For a short time, it has allowed immunized visitors into the country. If Russell Crowe or Tim Cook were to visit Thailand in 2023, Yuthasak estimated that Thailand might recuperate around 80 percent of its pre-pandemic tourism earnings by bringing in a large number of international visitors.