Here’s what Thailand is doing for crypto travel and tourism


[ad_1]

Thailand is considering crypto-tourism. What could this mean for tourists? (Photo by Lillian SUWANRUMPHA / AFP)

  • The Tourism Authority of Thailand is working on its own digital token, the TAT Coin, which will be accepted for travel.
  • A new unit will also be set up by next year to manage the issuance of Thailand’s own crypto coin, produce a wallet and create a new tourism ecosystem.
  • The Governor of the Tourism Authority believes Thailand needs to be promoted as a crypto-positive company to accommodate crypto millionaire tourists.

Over the past few years, Thailand has consistently been ranked second in the world in terms of crypto ownership. In fact, it is estimated that more than 3.6 million people, or 5.2% of the total population of Thailand, currently own a cryptocurrency. Recognizing the potential, the country is now laying the groundwork to become a “crypto-positive community” and build a new tourism ecosystem that can attract more crypto millionaires to boost the country’s travel industry.

A Bloomberg report reported that the Tourism Authority of Thailand (TAT) is currently working with the Securities and Exchange Commission, Bank of Thailand and Bitkub Online Co., the country’s largest crypto exchange, to pave the way for token acceptance digital for travel, said Governor Yuthasak Supasorn.

Thailand, like many other countries, still does not recognize cryptocurrencies as legal tender, therefore it may take some time before travelers can actually start using Bitcoin, Ethereum, and other digital tokens for travel. . However, Yuthasak said the national tourism authority is laying the groundwork for wider acceptance by the time travel around the world returns to normal.

To give some context on the extent of crypto usage in Thailand, 9.9% of all internet users in the country own a cryptocurrency, the data suggests. To top it off, BitKub, the dominant crypto exchange in Thailand, saw 600% growth in 2020 alone.

Crypto and travel converge

Yuthasak even told Bloomberg that TAT will also set up a new unit next year to handle the issuance of its own crypto coin, produce a wallet, and create a new tourism ecosystem. In fact, TAT has been planning to launch its own utility token called TAT Coin since September as part of a planned “cryptotourism” campaign.

Basically, the initiative aims to attract wealthy digital crypto nomads and the TAT has been in discussions with the Thailand Stock Exchange regarding the issuance of TAT Coin. According to a report from Bangkok Post Last week, the infrastructure behind TAT Coin is “ready” to go and is now awaiting the green light from the Thai government.

Even founder and CEO Bitkub Jirayut Srupsrisopa urged policymakers to approve the rollout of TAT Coin. “The private sectors are ready to provide digital infrastructure, but we are just waiting for the government to push the button by enacting laws, regulations or even policies to help facilitate markets for digital assets. Srupsrisopa estimates that the national GDP could grow six times if the crypto market strengthens.

The Bangkok Post report also quoted Yuthasak as explaining that the “crypto-tourism campaign” is about “building a new tourism ecosystem that uses digital technologies to enable wealthy populations, including cryptocurrency holders, to channel their money directly to tourist operators without agents or brokers “.

Thailand is one of the first jurisdictions in Asia to enact cryptocurrency laws, regulating the supply of digital assets and opening its doors to crypto-related businesses. It was in early 2018 that Thailand began to take a more liberal and progressive stance towards cryptocurrencies, having legalized the trade of seven approved digital currencies. Eventually, over time, regulation continued to evolve towards a more sophisticated framework, with the emergence of new offerings in the digital asset space, such as security tokens and exchanges.






[ad_2]

About Andrew Miller

Check Also

Bali collaborates with AirBnB for its “Live and work anywhere” campaign

Bali’s Ministry of Tourism and Creative Economy has announced its collaboration with Airbnb. As part …