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Thailand wants to revive tourism with crypto millions



Sun, beach, coconuts, and all that for a small price: Thailand has long been one of the top travel destinations for western tourists. Due to the Covid-19 pandemic, however, these have not occurred in the past few months. Now the most important economic sector in the country is to be brought back to life in a creative way: By introducing cryptocurrencies as a means of payment.

The governor of the Thai Tourism Authority (TAT), Yuthasak Supasorn, may have been hanging around El Salvador for the past few weeks. Because his ideas on how to settle the losses from the Corona years are strikingly similar to those of the Salvadoran President. Supasorn recently stated at Bloomberg that the TAT is currently laying the foundations for a wider acceptance of cryptocurrencies. The authority is already in talks with the Thai Securities and Exchange Commission (SEC) and the Thai Central Bank (BOT). In addition, talks are already being held with the country's largest crypto exchange, Bitkub Online Co.

Convenient payment options for crypto millionaires: inside

How exactly the country wants to strengthen crypto adaptation is still somewhat unclear. It is clear, however, that it relies on profiteers from the ongoing bull market: “There are people who have become very rich by holding cryptocurrencies. Perhaps they could use their wealth for this, ”says Supasorn.

It is also said that the Southeast Asian country wants to offer simple and convenient payment options with cryptocurrencies. According to the governor, comfortable means:


If [the tourists] can use their currencies here without having to exchange them or face government taxes, that would be very convenient for them.

Yuthasak Supasorn 

In addition, the TAT wants to set up a new unit next year. This should take care of the issue of its own crypto tokens, create a wallet and build a new tourism ecosystem. Thailand could hardly be further away from that until now. As of today, the country does not recognize cryptocurrencies such as Bitcoin and Ether as legal tender.

"Crypto is the future"

The idea is driven by the idea that this is the way to attract “quality tourists”. Thailand's major industries were hit hard by the pandemic and lost $ 80 billion in economic revenue. With the help of the offer to pay with cryptocurrencies, Yuthasak hopes to regain around 80 percent of the income from tourism that collapsed during the pandemic. That would still work if only half as many tourists came as there was in 2019. According to Suprason, the bill would work out if one were to rely on quality tourism instead of mass tourism. The goal is to lure "someone like Russell Crowe or a crypto owner like Tim Cook" to Thailand.

If this is successfully implemented, the TAT promises that 10 percent of crypto owners will travel to Thailand by 2024. The governor is certain:


Crypto is the future so we need to make Thailand a crypto-positive society to welcome this group of quality tourists.

Yuthasak Supasorn 

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