Skip to main content

Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’

http://motleybloggers.com/wp-content/uploads/2021/11/thailand-plans-to-become-crypto-positive-society-governor-says-crypto-is-the-future.jpg

Thailand Lays Groundwork to Become 'Crypto-Positive Society' to Massively Attract Crypto Holders

Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown.


Thailand Plans to Attract Crypto Holders


The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn.


The governor detailed, “There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,” elaborating:


If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them.


He explained that the Thai tourism authority is laying the groundwork for the wider acceptance of cryptocurrencies, which it plans to have in place by the time global travel returns to normal.


The plan is already being discussed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the largest crypto exchange in the country, the governor revealed.


Furthermore, the authority will set up a new unit next year to handle the issuance of its own crypto tokens, produce a wallet, and build a new tourism ecosystem, he added. Thailand currently does not recognize cryptocurrencies, such as bitcoin and ether, as legal tender.

The Thai tourism authority aims to recoup some of the $80 billion in lost revenue due to the Covid-19 pandemic. In 2019, Thailand attracted almost 40 million foreign travelers, generating more than $60 billion in revenue.


However, the country shut down its borders for more than a year due to the pandemic. It recently opened its borders to vaccinated travelers.


Yuthasak suggested that Thailand could recoup about 80% of its pre-pandemic tourism revenue in 2023 with only half the number of foreign tourists in 2019 “by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here.”


He expects Thailand’s tourism industry to return to pre-Covid levels by 2024, adding that the country is targeting about 1 million high-spending tourists in the first quarter of next year. Meanwhile, the authority hopes that 10% of crypto holders will eventually travel to Thailand.


The TAT governor opined:


Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists.


What do you think about Thailand becoming a crypto-positive society? Let us know in the comments section below.



Origina post from
http://motleybloggers.com/thailand-plans-to-become-crypto-positive-society-governor-says-crypto-is-the-future/

Comments

Post a Comment

Popular posts from this blog

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionar...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more