Thailand currency

Thai tourism industry wants to attract digital currency millionaires

Thailand ranks among the top travel destinations in the world, with the number of international arrivals per year to the country continuously increasing to millions, until the COVID-19 pandemic. The government saw the wide impact of the pandemic, which prompted it to look to innovations to improve the situation. Now the government’s attention has shifted to the tourism industry with the aim of boosting the Thai economy.

Interestingly, tourism contributed 18.21% of the country’s GDP in 2019 and fell to 6.78% in 2020. The Governor of the Tourism Authority of Thailand (TAT) Yuthasak Supasorn recently announcement that the government intends to set up a new unit to issue its own digital currency, build a new tourism ecosystem and develop a portfolio.

According to the TAT Governor, some digital currency millionaires are looking for leads, which led the government agency to examine the possibility of creating an environment in Thailand where they can transact with digital currencies without exchanging or being faced with taxes.

“Crypto is the future, so we need to make Thailand a crypto-positive company to accommodate this quality tour group,” Yuthasak said.

According to Statista report, the number of international tourist arrivals in Thailand has decreased significantly, from 39.8 million in 2019 to 6.7 million in 2020.

The TAT is excited that around one million tourists will travel to Thailand in the first quarter of 2022 and expects 10% of tourists to be digital currency holders. As of November 2021, vaccinated international travelers who have stayed in one of the 63 countries for 21 days could travel to Thailand without entering quarantine (except for a mandatory overnight stay while awaiting COVID-19 test results).

TAT utility token creation

As CoinGeek reported in October, TAT plans to create its own utility token to take advantage of the growing popularity of digital currencies.

The TAT coin would involve the transfer of vouchers into digital tokens which could help traders earn more money.

The agency plans to develop an atmosphere of “cryptourism” by offering a Bitcoin debit card at airports that digital currency nomads can use while traveling without paying additional fees at an ATM or currency exchange.

The workstation trend is also benefiting long-tenured digital currency nomads who can work from anywhere and are seen as big spenders for the tourism industry.

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