• Thu. Apr 25th, 2024

Here’s Thailand’s Progress in Crypto Tourism and Travel



Dec 1, 2021
  • Thailand has its Tourism Authority working on a digital coin, TAT token, to accomplish traveling purposes.
  • The authorities will set up a new unit in the coming year to handle TAT Coin issuance, create a new tourism ecosystem and launch a crypto wallet.
  • The Tourism Sector’s governor trusts that Thailand should embrace cryptocurrency to attract crypto millionaire tourists.

Thailand saw constantly ranked second as far as crypto ownership in the world is concerned over the past few years. For now, estimations show that more than 3.6 million individuals on 5.2% of the country’s population own crypto at the moment. As Thailand appears to recognize cryptocurrency potential, it plans to create a cryptocurrency-positive community, boosting the nation’s travel sector through a new tourism atmosphere to attract crypto millionaires.

According to reports by Bloomberg, Thailand’s Tourism Authority (TAT) is working with the central bank, SEC and the nation’s leading crypto exchange BitKub Online to introduce crypto acceptance to its travel industry. That is according to comments by Governor Yuthasak Supasorn.

Similar to most countries, Thailand still does not recognize crypto as legal tender. That means it might take time before travelers embrace cryptocurrencies for payments. Nevertheless, Yuthasak confirmed that the nation is creating groundwork for wider crypto acceptance before global travel resumes normal operations.

Meanwhile, data indicates that 9.9% of Thailand’s internet users own digital coins. Moreover, the leading cryptocurrency exchange in the nation, BitKub, saw a 600% growth in last year alone.

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Converging Cryptocurrencies and Traveling

Furthermore, Yuthasak told Bloomberg that the country would launch a new unit in 2022to handle its crypto coin issuance, introduce a new tourism environment and a crypto wallet. Keep in mind that TAT has planned to launch its utility token (TAT Coin) since September.

That aims to attract wealthy crypto individuals, boosting Thailand’s travel and tourism sectors. Meanwhile, last week’s reports from Bangkok Post show that TAT Coin’s infrastructure is ready, waiting for government approval.

Jirayut Srupsrisopa, the BitKub CEO, also urged lawmakers to approve the TAT Coin rollout. The executive trusts that Thailand’s national GDP might grow exponentially with a strengthened cryptocurrency market. Meanwhile, Thailand is one of the Asian jurisdictions to enact crypto legislations, opening its market to cryptocurrency-related businesses and regulating crypto offerings.

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