Thailand considers crypto tourism to boost GDP

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Thailand could experience a new phase in its tourism sector as the country plans to target crypto-digital nomads to increase its gross domestic product (GDP).

The Tourism Authority of Thailand is working to start a sector parallel to traditional marketing to attract new nano-entrepreneurs by rolling out TAT Coin since September as part of a planned “cryptourism” campaign, according to local media sources.

TAT has been in talks with the Thailand Stock Exchange regarding the issuance of TAT Coin and is now awaiting the green light from the Thai government.

According to Bitkub Founder and CEO Jirayut Srupsrisopa, while Thailand’s GDP was around $ 500 billion, the cryptocurrency market is worth over $ 3 trillion.

The huge growth of the crypto market has created wealthy individuals and is seen as an incentive for the country to turn to crypto payments, as these potential clients or new nano-entrepreneurs can work remotely and get paid through transactions. on blockchain technology, which incurs no fees and has lower costs than traditional finance.

Speaking at the “Transforming Tourism with Cryptourism” seminar on Tuesday, Mr Jirayut said, “The private sectors are ready to provide digital infrastructure, but we are just waiting for the government to push the button by enacting laws, regulations or even policies to help facilitate digital asset markets. Our national GDP could grow six times if we can strengthen this market. “

According to the Bangkok Post, however, growth would start from a low base, as the National Council for Economic and Social Development forecast GDP growth this year at just 1.2%, while seeing growth of 3, 5 to 4.5% in 2022.

Another intention behind the introduction of the digital tourism policy is to help tourism operators in Thailand who have suffered financially from the impact of the pandemic and the situation has also made it difficult for them to access financial assistance from traditional sources of funding, TAT Governor Yuthasak Supasorn said. noted.

According to Al Jazeera, Thailand hosted a total of 106,117 tourists in the first ten months of 2021, a tiny fraction of the average 40 million tourists per year before the pandemic.

Although the private sector appears ready to support this campaign, Supasorn warns that the government still has a lot of work to do to prepare for the deployment of such an ambitious initiative focused on digital currency.

As the country appears optimistic about the introduction of TAT Coin, Blockchain.News reported in July that the Bank of Thailand (BOT) had warned against using digital currencies to pay for goods and services in the market. country.

Ms. Siritida Panomwon Na Ayudhya, deputy governor of the Payment Systems and Financial Technology Policy Group, said virtual currencies like Bitcoin (BTC) and Ethereum (ETH) are not legal tender in Thailand. Their use can predispose the recipient of cryptocurrencies to certain risks, ranging from price volatility to cyber-theft and money laundering, among others.

Image source: Shutterstock

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