Thailand’s tourist industry attempts to entice digital currency millionaires to visit the country

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Thailand is one of the world’s most popular tourist destinations, with millions of international visitors arriving each year—until the COVID-19 pandemic. The government has observed the pandemic’s far-reaching effects, prompting it to look for new ways to aid. The government’s focus has switched to the tourism industry to enhance Thailand’s economy.

Surprisingly, tourism generated 18.21% of the country’s GDP in 2019, but only 6.78 percent in 2020. Governor of the Tourist Authority of Thailand (TAT), Yuthasak Supasorn, has said that the government plans to create a new entity to issue its own digital money and a new tourism ecosystem and wallet.

According to the TAT governor, some digital currency millionaires are looking for opportunities, prompting the government agency to investigate the viability of creating an environment in Thailand where they can deal with digital currencies without having to exchange them or pay taxes.

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

said Yuthasak

Thailand’s international tourist arrivals declined dramatically from 39.8 million in 2019 to 6.7 million in 2020, according to a Statista analysis.

The TAT is optimistic that roughly a million tourists will visit Thailand in the first quarter of 2022, with 10% of those visitors holding digital currency. In addition, vaccinated overseas tourists who have spent 21 days in one of 63 countries will travel to Thailand without being quarantined starting November 2021. (except a compulsory one-night stay while waiting for the results of the COVID-19 test).

The establishment of TAT utility tokens

TAT intends to launch its utility token to take advantage of the growing popularity of digital currencies, as CoinGeek revealed in October.

The TAT coin would allow traders to convert vouchers into digital tokens, earning more money.

The organization intends to foster a “cryptourism” environment by providing a Bitcoin debit card at airports that digital currency nomads may use without incurring additional fees at ATMs or money exchanges.

Long-stay digital currency nomads, who may work from anywhere and are regarded as large spenders in the tourism business, benefit from the workcation trend as well.

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