Thailand thinks of a crypto-friendly tourism industry

The Thai government plans to turn to crypto millionaires to revitalize its dying tourism sector. To make this happen, the tourism industry is working with the nation's regulators and a local cryptocurrency exchange to pave the way for digital tokens to be used for travel. The region has been hit hard by the outbreak. The Thai government hopes that cryptocurrencies will help the tourism-dependent economy recover some of the $ 80 billion in lost revenue. In an interview on Thursday, Yuthasak said citizens had accumulated wealth from owning digital currencies.

A bold government move allows users to use digital currencies without facing government taxes or exchanging them. However, Yuthasak added that it will take some time to implement this project. This is because Thailand does not recognize crypto coins as legal tender. Hence, the Tourism Authority has begun to establish plans for travelers to use cryptocurrency.



The good news is that global travel is returning to normal. In addition, the authority will set up a new department in 2022 to create its cryptocurrency, generate a wallet and develop a new travel industry. Furthermore, according to Yathusak, discussions are already underway between the Securities and Exchange Commission, the Bank of Thailand, and Bitkub Online Co., Thailand's largest cryptocurrency exchange.

Thailand is a world famous tourist destination. It is an exotic tourist destination famous for its tropical beaches, rich culture and vibrant cities. The nation of Southeast Asia comprises four distinct regions: the highlands of Inner Thailand, the mountain slopes of Northern Thailand, the populated rice paddies of Central Thailand, and the Andaman coast, which borders Myanmar to the west.