Thailand currency

Thailand may soon accept cryptocurrency in a bid to attract tourism

New Delhi:

The Tourism Authority of Thailand is working with regulators in the country and a local cryptocurrency exchange to pave the way for the acceptance of digital tokens for travel, according to its governor Yuthasak Supasorn. This could help the tourism-dependent country recoup some of the $ 80 billion in revenue lost due to the pandemic. “Crypto is the future, so we need to make Thailand a crypto-positive company to accommodate this quality tour group,” Yuthasak said.

“There are people who have become rich by holding digital currencies and they may want to use the wealth they have accumulated,” Yuthasak said in an interview Thursday. “If they can use their currencies here without having to exchange them, or face government taxes, it will be more convenient for them.”

Thailand, popular among vacationers for its tropical islands dotted with pristine beaches and vibrant nightlife, attracted nearly 40 million foreign travelers in 2019, which generated more than $ 60 billion in revenue. But the pandemic saw the country close its borders for more than a year before reopening to vaccinated travelers from last month.

“If Thailand is looking to recoup around 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 this by getting someone like Russell Crowe or a crypto holder like Tim Cook. to travel here, ”Yuthasak said.

While Thailand has allowed entry without quarantine to travelers from more than 60 countries, tourism is only expected to return to pre-Covid levels by 2024, Yuthasak said. The nation is targeting around 1 million spendthrift tourists in the first quarter of next year, he said, adding that the authority is betting on 10% of cryptocurrency holders to eventually travel to Thailand.