Thailand’s tourism administration is approaching digital currency owners from Japan in its new attempt to restart the pandemic-battered tourism sector in the Kingdom. The Tourism Authority of Thailand (TAT) wants the nation to be the first to go out of its path to accept owners of digital currencies, especially those from Japan that it considers to be a regional crypto-activity center. A feasibility report on the application of blockchain transactions at tourist destinations has been undertaken by the authority.
After the fall of the sector in the first quarter of 2020, when Asian countries started shutting their boundaries after the Covid-19 epidemic, Thailand has been angling for well-heeled tourism.
TAT Governor Yuthasak Supasorn stated, as per the Bangkok Post, that the digital currency may be the solution to drawing rich people:
“If we can prepare the country for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations.”
He continued that digital currency use must conform with national bank legislation and steps must be developed to prevent money laundering.
The organization references three-year-old figures for Japan as having an 11 percent ownership rate in crypto, but Statista’s more recent 2020 data shows that it is nearer to 4 percent.
Mr. Yuthasak also indicated that Elon Musk would want to explore the kingdom, having just recently invested a lot of money in Bitcoin with his business.
“Even Elon Musk, the founder of Tesla and a crypto influencer, might be interested in visiting Thailand,”
While Thailand has become increasingly accessible to trade in cryptocurrencies and has a range of platforms such as Bitkub and the newly launched Upbit, there are very few locations across the nation that currently recognize virtual currencies as a form of payment.
The Ministry of Tourism announced tourist arrival estimates of close to 40 million a year prior to the Covid-19 disease outbreak. As the nation has stayed increasingly inaccessible to tourists, this figure has plummeted, decimating the once-thriving sector. Its international entry goal has been updated by the TAT to just 8 million.