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Thailand wants to attract tourists who got rich from cryptocurrencies to recover economy

Thailand wants to attract the crypto-rich to recoup tourism revenues lost to the coronavirus pandemic.

Thailand wants to attract tourists who got rich from cryptocurrencies to recover economy

Thailand wants to attract tourists who got rich from cryptocurrencies to recover economy

According to Bloomberg, Thailand’s Tourism Authority (or TAT) is working with regulators and a local cryptocurrency brokerage to make it easier for crypto holders to spend their digital assets in the country.

In 2022, according to Yuthasak Supasorn, president of TAT, the authority will create a new unit to issue its own cryptocurrency, develop a portfolio and build a new tourism ecosystem.

Yuthasak told Bloomberg that people who “got rich from the cryptocurrency allocation” may now be thinking about spending it.

He added that “if they can use their cryptocurrencies here without having to convert them or face government taxes, [the new ecosystem] will create a convenience for them.”

Yuthasak said crypto membership will help the country in its bid to regain pre-pandemic tourism levels:

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

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According to the Statista website, the number of arrivals by international tourists dropped from 39.8 million in 2019 to just 6.7 million in 2020.

The contribution of tourism to Thailand’s GDP also dropped from 18.21% in 2019 to 6.78% in 2020.

“If Thailand is looking to recover about 80% of its pre-pandemic tourism revenue in 2023 but with half the number of foreign tourist arrivals we saw in 2019, we can achieve that by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here,” Yuthasak argued.

Tim Cook, Apple’s CEO, recently revealed that he has allocations in crypto.

As of November 2021, international and vaccinated travelers who have stayed in one of 63 countries for 21 days can travel to Thailand without having to be quarantined (apart from a one-day stay at a government-approved hotel while waiting for results of a covid-19 test).

TAT is counting on one million tourists to travel to the country in the first quarter of 2022 and, in the future, it expects that 10% of tourists will be holders of crypto.

With informations: Decrypt

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