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According to Governor Yuthasak Supasorn, the Tourism Authority of Thailand is working with national regulators and a cryptocurrency exchange to pave the way for the acceptance of digital currencies for travel. He said this could help Thailand recover approximately $80 billion in lost tourism revenue due to Covid-19.
“Many people have become wealthy by owning cryptocurrencies, and they may want to use their accumulated assets. It would be convenient for many people if they could use cryptocurrencies without having to convert them or pay taxes,” Yuthasak expressed.
Caption: Thailand was one of the first Southeast Asian countries to reopen for tourism as the Covid-19 pandemic gradually came under control. Photo: Euronews.
However, it may take some time before tourists start using Bitcoin, Ethereum, and other cryptocurrencies for travel. Like many other countries, Thailand does not recognize cryptocurrencies as legal tender. But tourism authorities are working to build platforms for wider acceptance of cryptocurrencies by the time global travel returns to normal.
Authorities will establish a new unit next year to handle the issuance of its own cryptocurrency, set up e-wallets, and build a new tourism ecosystem. Tourism managers have been negotiating with the Securities and Exchange Commission, the Bank of Thailand, and Bitkub Online – the country's largest cryptocurrency exchange – on this plan.
In 2023, Thailand could recover about 80% of its pre-pandemic tourism revenue if it receives half the number of international visitors it did in 2019. Thailand, renowned for its tropical islands, pristine beaches, and vibrant nightlife, attracted nearly 40 million foreign tourists in 2019, generating over $60 billion in revenue. However, the pandemic forced the country to close its borders for over a year.
Thailand's tourism industry is not expected to recover to pre-pandemic levels until 2024, despite the country allowing tourists from over 60 countries to enter without quarantine. In the first quarter of 2022, Thailand aimed to attract around 1 million high-income tourists.
The government is also betting that 10% of cryptocurrency holders will travel to Thailand. “Cryptocurrency is the future, so we must make Thailand a cryptocurrency-friendly society to welcome this high-quality group of tourists,” Yuthasak concluded.
