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November 29, 2021

Thailand Encouraged to Allow Crypto-Tourism

Local Thai media says a drive for economic growth by focusing on digital nomads is coming closer to reality for Thailand. The body responsible for the matter, the Tourism Authority of Thailand (TAT) has intended to start its utility token named TAT Coin. This was since September. These intentions come as an aspect of a planned “crypto tourism” campaign. Their goal is to draw affluent crypto holders who are also digital nomads. TAT has conducted talks with the Stock Exchange of Thailand regarding TAT Coin’s issuance.

Is Thailand ready for cryptocurrency tourism?

According to a report by Bangkok Post, the required prerequisites and infrastructure for the crypto asset are ready. They are now waiting for the go-ahead from the Thai government.

What do stakeholders have to say?

The CEO and founder of a local crypto exchange called Bitkub, Jirayut Srupsrisopa encouraged lawmakers to approve TAT Coin’s commencement. Srupsrisopa made these comments at the recent “Transform tourism with crypto-tourism” conference. He added that the private sectors are all set to make available digital infrastructure but were holding back for the government to set things in motion by doing their bit. This would include the government ratifying the required laws, regulations, or policies to help enable the functioning of digital asset markets in Thailand.

Bitkub’s founder also stated that Thailand’s gross domestic product could grow up to six times if they strengthened this crypto market.

What is Thai Government’s take?

The Bangkok Post reported that Yuthasak Supasorn, the TAT governor stated that the crypto-tourism campaign involved establishing a new tourism ecosystem. This new ecosystem would utilize digital technologies to allow affluent populations to funnel their financial resources directly to tourism operators without the middlemen of agents or brokers.

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The governor of TAT also stated that this development would assist the recovery of local businesses that have suffered financially due to the effect of the global Covid-19 pandemic.

The Impact of the Global Covid-19 Pandemic on Thailand

According to a report by Al Jazeera, the once-bustling and much-loved tourism hotspot that Thailand is known for has been severally impacted by the Covid-19 pandemic that continues to rage on. Al Jazeera reported that the country only received 106,117 tourists from January 2021 to October 2021. These numbers are starkly different from what is the norm outside of a pandemic. Before the pandemic, Thailand, on average received approximately 40 million yearly visitors. The contrast is shocking.

The way forward for crypto tourism in Thailand

Supasorn advised the private sector that there remain some work to be completed by the government in preparation for the commencement of this innovative solution. He added that since TAT is a state enterprise, there remain several regulatory matters that they need to discuss with related parties before execution. They would also need to iron out matters to do with risk management of the crypto tourism solution because of the cybercrimes and customer protection matters.

About Thailand

Thailand, previously known as Siam, is a country in Southeast Asia and is completely in a tropical region. Its flora and fauna are very diverse. Bangkok is its capital city. The country has the second-largest economy in the region. Since 1988, it has managed to lower the poverty rate by a whopping 65%. Regardless of that, poor living conditions are still a problem for many Thai. Thailand is famous for its beautiful tropical beaches, rich royal palaces, historic ruins, and Buddhist temples. Some say the reasons why Thailand is so popular is because of the delicious food, the prices, the amazing hotels, affordable hostels, the ease of commuting around, and the gorgeous tropical islands.