Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Thailand Lays Groundwork for Crypto Tourism to Revive Industry

Thailand is one of the most desirable tourism destinations in the world, attracting super rich for luxury tourism as well as backpackers for its stunning nature, parks and islands. It’s well known for its amazing food, safety and super modern health services. The Tourism Authority of Thailand is working with the nation’s regulators and a local cryptocurrency exchange to pave the way for the acceptance of digital tokens for travel, according to its Governor Yuthasak Supasorn. That may help the tourism-reliant nation to recoup some of the $80 billion in lost revenue through the pandemic, he said.
Thailand is targeting newly-minted crypto millionaires to breathe life into its pandemic-battered tourism industry.

“There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,” Yuthasak said in an interview on Thursday. “If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them.”

Still, it may take a while before travelers can start using Bitcoin, Ethereum and other digital tokens for travel as Thailand, like many other nations, doesn’t recognize cryptocurrencies as a legal tender. But the state tourism authority is laying the groundwork for its wider acceptance by the time global travel returns to normal, Yuthasak said.

The authority will set up a new unit next year to handle the issuance of its own crypto coin, produce a wallet, and build a new tourism ecosystem, Yuthasak said. It is already in talks with the Securities and Exchange Commission, the Bank of Thailand and Bitkub Online Co., the nation’s largest crypto exchange, over the plan, he said.

Thailand, popular among holidaymakers for its tropical islands dotted with pristine beaches and a vibrant nightlife, drew almost 40 million foreign travelers in 2019, who generated more than $60 billion in revenue. But the pandemic saw the country shut down its borders for more than a year before reopening to vaccinated travelers from last month.

“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 said.

While Thailand has allowed quarantine-free entry to travelers from more than 60 countries, tourism is likely to return to pre-Covid levels only by 2024, Yuthasak said. The nation is targeting about 1 million high-spending tourists in the first quarter of next year, he said, adding the authority was betting on 10% of crypto-holders to travel to Thailand eventually.

“Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists,” Yuthasak said.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×