Daily Management Review

Thai authorities set to develop crypto-tourism


Thai authorities plan to issue digital tokens for tourists. With the help of wealthy travellers, Thailand hopes to rebuild the tourism industry after the coronavirus restrictions.

Head of the Tourism Authority of Thailand (TAT) said his agency is working with national regulators and a local cryptocurrency exchange to issue digital tokens for travel. He said this would help recoup $80 billion in lost revenue from the pandemic. This was reported by Bloomberg.

The TAT chief hopes cryptocurrency-rich people will come to the country. "If they can use cryptocurrency here without having to exchange it or pay taxes, they will be comfortable," he said.

For now, Thailand does not recognise cryptocurrencies as a means of payment, but next year TAT will set up a new unit to issue its own cryptocurrency, the official said. The country is already in talks with the Securities and Exchange Commission, the Bank of Thailand and the largest national cryptocurrency exchange, he said.

Due to the pandemic, Thailand closed its borders for more than a year before reopening to vaccinated travellers from last month. Tourism will return to pre-pandemic levels in 2024, the TAT chief said. It plans to attract 1 million high-income tourists next year.

source: bloomberg.com