Thailand Tourism Agency Urged To Embrace Crypto To Boost Country's GDP

Crypto Holders Could Improve Thailand’s Economy

According to the local media outlet,Bangkok Post Srupsrisopa made the statement while speaking at a seminar called Transform Tourism with Cryptourism on November 23. The Bitkub CEO stated that the over $2.8 trillion cryptocurrency market was worth nearly six times more than Thailand’s GDP at $500 billion.

Although the COVID-19 pandemic affected different sectors globally, the tourism and hospitality industry was one of the worst-hit. While there are still restrictions on some countries, some others have started allowing tourist visits.

Srupsrisopa further said that private businesses were ready to offer services but were still waiting for Government regulations. According to the Bitkub CEO:

“Private sectors are ready to provide digital infrastructure, but we’re just waiting for the government to press 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.”

Meanwhile, earlier in 2021, TAT revealed that it is looking to international cryptocurrency tourist holders, especially from Japan. At the time, the tourism body said that the reason for focusing on Japan is that the country records some of the highest bitcoin holders globally.

Tourism and Hospitality Industry Adopt Crypto

Yuthasak Supasorn, the TAT Governor, also made a comment saying that the agency was working towards developing a tourism ecosystem that would use blockchain technology. This would enable wealthy people, including crypto investors to send funds to tourism operators without dealing with intermediaries.

Supasorn also mentioned that the agency was looking to issue utility tokens. The tourism agency earlier revealed its plans to launch a TAT coin back in September. However, the governor said that the agency will need to consult with Thailand’s Security and Exchange Commission (SEC) to know the possibility of issuing the utility token. A statement from Supasorn said:

“Due to the TAT’s status as a state enterprise, there are a lot of regulatory issues we need to discuss with related parties before implementation. And there are also other preventive measures against cybercrimes and customer protections we need to prepare.”

There has been an increase in crypto adoption among companies in the hospitality and tourism sector. Back in March, Kessler Collection became the first U.S. luxury hotel chain to accept crypto payments. Visitors to any of the hotels owned by the company can pay with Bitcoin (BTC), Dogecoin (DOGE), Ether (ETH), and four stablecoins.

Later in August, Switzerland-based five-star luxury hotel Chedi Andermatt, also announced that it was going to accept BTC and ETH payments from guests after considering the crypto option for four years. Customers who pay hotel bills from 200 Swiss francs and above will be able to make use of the new payment method.

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