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Thailand tourism officials want to attract Bitcoin and other cryptocurrency holders

Caitlin Ashworth

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Stock photo by André François McKenzie for UnSplash

Got Bitcoin? You may soon be able to spend it in Thailand. The country’s tourism officials want to draw in cryptocurrency holders and plan to first target tourists from Japan, the one of the world’s top holders of Bitcoin.

The idea is to draw in more high spending tourists, according to Tourism Authority of Thailand governor Yuthasak Supasorn. With the lack of foreign tourists due to the coronavirus pandemic, tourism officials have been discussing numerous ways to draw in visitors and boost the economy. They’ve been focusing on wealthy tourists, even launching “villa quarantine” and “golf quarantine” to help entice high spenders to visit Thailand.

“If we can prepare the country for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations… Even Elon Musk, the founder of Tesla and a crypto influencer, might be interested in visiting Thailand.”

TAT discussed the idea of attracting cryptocurrency holders with the Thailand and Japan Technology Promotion Association and has now started a feasibility study on using the cryptocurrency at tourism destinations.

Tourism officials still need to discuss the idea with the Bank of Thailand and measures need to be in place to prevent money laundering, Yuthasak says. TAT also plans to talk with businesses in the tourism industry to prepare for the potential use of cryptocurrency.

TAT set a goal of 8 million tourists to enter Thailand this year… much lower than the 40 million arrivals before the pandemic. They expect total tourism receipts to be around 428 billion baht with each visitor spending an average of 53,000 baht during their trip. The National Economic and Social Development Council say they only expect 3.2 million foreign arrivals this year.

SOURCE: Bangkok Post

 

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32 Comments

32 Comments

  1. Avatar

    Dreqo

    Friday, February 19, 2021 at 12:35 pm

    Crypto hub etc etc

  2. Avatar

    Siso

    Friday, February 19, 2021 at 1:00 pm

    Another ridiculous idea, Money laundering is nearly impossible to track or proof via crypto currency due to its decentralized nature, so you cannot regulate it, and the Tourism and other sectors for that matter will have no clue at all what crypto currency is or how it works and where to even start to set it all up. All a bunch of desperate ideas that go nowhere

    • Avatar

      intlbankster

      Sunday, February 21, 2021 at 2:41 pm

      Crypto is already here. In case you didn’t get the memo, you don’t need permission to use crypto. You don’t need to talk about regulating it. Just use it and your life will benefit tremendously. The sooner you ditch the bank and the govt currency the better off you are.

  3. Avatar

    Issan John

    Friday, February 19, 2021 at 1:14 pm

    Nice Idea!!!!
    High spender and billionaires in
    Cheap Charlie out

    • Avatar

      Issan John

      Friday, February 19, 2021 at 3:57 pm

      Not this Issan John!

    • Avatar

      Peter Jacops

      Saturday, February 20, 2021 at 8:09 am

      Honest earners and workers out, maffia and tax evaders in?

      • Avatar

        Bob

        Saturday, February 20, 2021 at 1:36 pm

        How naive of you to make such a stupid statement. I would refrain commenting on subjects you know nothing about

    • Avatar

      Bruno

      Saturday, February 20, 2021 at 4:44 pm

      are you complet braindead issan john ? or just another stupid thai ? there are bunches of them ,

  4. Avatar

    harry1

    Friday, February 19, 2021 at 1:46 pm

    so they be tipping the waitress with $50,000 coins ? the best way forward is to attract back the long termer who have moved on due to confusing immigration law changing all the time.l must say if it wasnt for expat the south of phuket would be a ghost town,and many are helping the locals to survive

  5. Avatar

    Peter N.

    Friday, February 19, 2021 at 1:52 pm

    Ha ha. Bla bla bla. I am curious about the details.

  6. Avatar

    B.D

    Friday, February 19, 2021 at 2:06 pm

    I’ve been holding my 12 BTC for years now, since 2014 in the hope that someday I can purchase property in Thailand for it. With the value now considerable and the Thai regime opening up for crypto spending my hopes are up that someday soon I will be able to do so.

    • Avatar

      Siso

      Friday, February 19, 2021 at 3:51 pm

      really need to tell everyone how many coin you have haha. You have nothing and don’t even understand how it works. This idea will go no where if they need to regulate it because it will defeat the whole purpose o owning and trading with them in the first place.

      imagine buying something of value with your BC and needing to prove where and how you actually got them so that the corrupt centralized banking system can screen you, what a joke. Being pretty much anonymous and off the grid is the main reason t own some BC

      They should focus on local investments to get some revenue going, legalize gambling, legalize the whole cannabis industry ect. Everything is entirely focused on tourism Andy that ain’t going to happen anytime soon

  7. Avatar

    Jason

    Friday, February 19, 2021 at 2:34 pm

    Maybe finding ways to smooth the path into the country for vaccinated tourists would be time better spent?

  8. Avatar

    Ian

    Friday, February 19, 2021 at 4:01 pm

    Looks like we will be losing ij if as he suggests all the cheap Charlie’s to go bring it on anything to lose him but so sad for the country he next goes to it will prob be uk they take in anybody these days he might even get a place in a old people’s home be a change from a wooden hut hope thiers no Wi-Fi 555

    • Avatar

      Issan John

      Friday, February 19, 2021 at 5:56 pm

      What part of “Not this Issan John” could you not understand, Ian?

      • Avatar

        Issan John

        Friday, February 19, 2021 at 6:03 pm

        I am such a pathetic loser

        • Avatar

          Bill

          Saturday, February 20, 2021 at 7:50 am

          agreed.

        • Avatar

          Ipissonjohn

          Sunday, February 21, 2021 at 2:46 pm

          Yes you are.

  9. Avatar

    Mr cynic

    Friday, February 19, 2021 at 6:03 pm

    Thought that drugged up guy with the gun in samui the other week was a professional crypto currency trader.so they want to attract more quality tourists like him to the realm,another great plan.

    • Avatar

      Ipissonjohn

      Sunday, February 21, 2021 at 2:52 pm

      Criminals use the road way and regular govt currency… what your point?

      Anything any one uses could be compared to an example of a thing a bad person was known for using. Should we ban every thing because a bad person used or uses it?

  10. Avatar

    Jim kelly

    Friday, February 19, 2021 at 7:29 pm

    I’m sure Kim Jong Un would be interested!

  11. Avatar

    Ian

    Saturday, February 20, 2021 at 4:36 am

    Thaiger who is Spartacus I mean issan John could you stop the impersonator as it’s enough just having one ij 555

  12. Avatar

    bill

    Saturday, February 20, 2021 at 5:51 am

    ian sucks a big 555

  13. Avatar

    Ian

    Saturday, February 20, 2021 at 6:21 am

    I don’t do ladyboys Billy boy but I’m sure you will find a taker for yourself

  14. Avatar

    London Al

    Saturday, February 20, 2021 at 6:36 am

    It gets more ridiculous by the day, quite desperate, Elon Musk doesn’t need to visit anywhere to spend his crypto, they need to understand that rich people are not going to sit in a quarantine hotel for 2 weeks, never going to happen, ever.

  15. Avatar

    Peter Jacops

    Saturday, February 20, 2021 at 8:06 am

    Just legalize cannabis for recreational use and all hotels will be full.

  16. Avatar

    James Pate

    Saturday, February 20, 2021 at 8:24 am

    Maybe I’ll live long enough to see this crypto currency crap go the way of rare tulips, beaver hats, postal return coupons, etc. If a currency is not backed up by the 4Gs: God, Gold, Guns and Guts, controlled by a working sovereign state with real GDP, it will someday trade 1:1 with the Zimbabwe Dollar.

    • Avatar

      out of names

      Sunday, February 21, 2021 at 3:04 pm

      you mean one day soon govt issued currency goes the way of Zimbabwe dollar?

  17. Avatar

    5cent

    Saturday, February 20, 2021 at 3:58 pm

    What many crypto currency investor want is a place to become resident without capital gain tax.
    Many people who have become millionaire don’t want to leave half of their new wealth in taxes and would be interested of changing their fiscal residence easely. Promotion is one think but there must be a clear competitive advantage as Thailand is not the only country on the starting blocks to attract theses new rich.
    It’s interesting to see how the wealth creation has shifted even more from work and innovation to pure speculation.
    Also some will want to secure their future by buying landed properties which is not easy in Thailand.
    To really benefit from blockchain there should be a vision, anything that has it’s property set by a registry (land, real estate, shares…) can be run by block chain the possibilities are behind imagination but it’s more than a technological change it is a paradigm change incompatible with the interventionism of most government.

    • Avatar

      James Pate

      Saturday, February 20, 2021 at 10:41 pm

      You made some very strange and revealing statements. You seem to be afraid of capital gains taxes, implying that crypto currencies must, at some point, eventually be converted to real money. How can you even call this a currency? It is merely a very speculative investment. Why would anyone seduced by speculative investments ever become infatuated by something as prosaic as land? And yet, you drone on. How can you espouse “vision” and “regulation” in the same sentence? Moreover, “regulation” IS intervention. Rubbish!

  18. Avatar

    5cent

    Saturday, February 20, 2021 at 4:04 pm

    They should contact companies like Nomad capitalist.
    They don’t have Thailand on their list of countries to advice to rich people willing to expatriate. Hire them and ask what would it take to be number one on their list

    • Avatar

      Yogibaer

      Sunday, February 21, 2021 at 3:39 pm

      Yes….Elon Musk and Satoshi Nakamoto the mystique founder of BTC
      can’t wait to enter Thailand and spent two Weeks in a Hotel room

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Caitlin Ashworth is a writer from the United States who has lived in Thailand since 2018. She graduated from the University of South Florida St. Petersburg with a bachelor’s degree in journalism and media studies in 2016. She was a reporter for the Daily Hampshire Gazette In Massachusetts. She also interned at the Richmond Times-Dispatch in Virginia and Sarasota Herald-Tribune in Florida.

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