Thailand Lays Groundwork for a Crypto-Friendly Tourism Industry
Following the COVID-19 pandemic, Thailand lost $80 billion in tourism revenues. Different organs of the government got affected, and tourism took a big hit due to travel bans and lockdown restrictions. However, the country is now ready to reincarnate its tourism industry, targeting cryptocurrency millionaires.
Reviving Tourism through Cryptocurrency
Through its Tourism Authority wing, the Thailand government targets crypto millionaires to revitalize its moribund tourism sector. To actualize this, according to the country’s governor, Yuthasak Supasorn, the tourism sector is working with the nation’s regulators and a local cryptocurrency exchange to pave the way for digital tokens to be used for travel.
The region has been hit particularly hard by the epidemic. The Thailand government hopes crypto will aid the tourism-reliant economy to recover some of the $80 billion in lost revenue. In an interview on Thursday, Yuthasak stated that citizens had accrued wealth from holding digital currencies.
A bold government move enables users to use digital currencies without facing government taxes or exchanging them. However, Yuthasak added that it would take a while to actualize this plan. That is because Thailand does not recognize crypto coins as legal tenders. Hence, the Tourism Authority has begun laying plans for travelers to use cryptocurrency.
Post Covid-19 Travelling Options
The good news is that global travel is returning to normalcy. Additionally, the authority will establish a new department in 2022 to create its cryptocurrency, generate a wallet, and develop a new travel industry.
Moreover, According to Mr. Yathusak, discussions are already underway with the Securities and Exchange Commission, the Bank of Thailand, and Bitkub Online Co., Thailand’s largest crypto exchange, on the initiative.
Thailand’s Tourism Industry
Thailand is a globally renowned tourism destination. Thailand is an exotic holiday destination famous for its tropical beaches, rich culture, and vibrant cities. The Southeast Asian nation includes four distinct regions: the highlands of inland Thailand, the mountain slopes of northern Thailand, the populated rice paddies of central Thailand, and the Andaman coast, which borders Myanmar to the west.
In 2019, before the pandemic, it generated more than $60 billion in revenues and welcomed more than 40 million tourists. Starting in October, the country is open to vaccinated tourists from across the world. According to Yuthasak:
“If Thailand is looking to recover about 80% of its pre-pandemic tourism revenue in 2023, but with half the number of foreign tourist arrivals we saw in 2019, we can achieve that by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here.”
However, the full height of Thailand’s tourism economic capacity could go back to pre-covid by 2024. To accomplish this, the government targets high-spending crypto travelers in the first quarter of 2022. He acknowledged that crypto is the future, and the Thailand government should take full advantage.