Thailand boosts crypto, tourism industry with push to attract wealthy Japanese tourists

If you have a bitcoin (that should be enough) and planning to go on a quick vacation in Asia, you may want to check out Thailand, as the country now accepts crypto as a form of payment.

The Tourism Authority of Thailand (TAT) wants to position Thailand as the first to accept digital currency payments in a bid to boost the country’s travel sector. Its tourism sector was one of the biggest in the world. However, the ongoing global crisis has dealt a heavy blow on it.

Following a meeting with the Technology Promotion Association (Thailand-Japan), the TAT decided one of its main priorities this year is to entice cryptocurrency holders by targeting Japanese tourists in the preliminary phase.

Favorable crypto regulations

Japan is considered to be one of the leading holders of bitcoin in the globe, and the country’s existing virtual asset regulations are also more welcoming compared to other nations. The positive outcome of the discussion was welcomed by local regulatory officials.

TAT plans to talk with the Bank of Thailand and tourism players like hotels and resorts to set the stage for a new tourism strategy as part of its long-term blueprint.

“If we can prepare the nation for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations,” AMB Crypto quoted TAT Governor Yuthasak Supasorn as saying.

Elon Musk Thailand vacay

With the lack of foreign tourists because of the coronavirus pandemic, tourism authorities have been crafting different ways to attract visitors and lift the economy. They’re targeting affluent tourists, even launching “villa quarantine” and “golf quarantine” to help draw in the big spenders to visit the Land of Smiles.

Based on figures by the Dalia Research in 2018, 11% of Japanese own cryptocurrencies — bigger than the world average of 7% — followed by the United States and Germany at 9%.

TAT Governor Yuthasak Supasorn said that “even Elon Musk, Tesla CEO and a crypto influencer, might be interested in visiting Thailand,” according to CoinDesk.

 

Image courtesy of MakeAstand5/YouTube Screenshot

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