Thailand eyes cryptocurrency holders and even Elon Musk to help boost post COVID-19 tourism

[webfact]

Thailand eyes cryptocurrency holders and even Elon Musk to help boost post COVID-19 tourism

 

File photo for reference only//Freepik

 

Thailand’s Tourism Authority has said it wants to attract cryptocurrency holders to help boost its tourism industry post COVID-19.

 

TAT chief Yuthasak Supasorn has set out ambitious plans to make Thailand one of the first  countries to widely accept digital or cryptocurrencies.

 

The goal is to attract high quality and high spending tourists once the country fully re-opens its borders.

 

Mr Yuthasak has already held discussions with Technology Promotion Association (Thailand-Japan) in a bid to attract Japanese nationals holders of currencies such as Bitcoin and Ethereum.

 

On average, Japanese nationals hold more crypto currencies than any other nationality,  Bangkok Biz News reported. On average around 11% percent of the population hold digital currencies compared to just 7% globally. 

 

TAT has already begun a feasibility study to see whether digital currencies can be accepted at tourist destinations in Thailand.

 

The long term plan is to enable hotels and other operators in the tourism sector to accept payments in crypto currencies.

 

Mr Yuthasak said that even Elon Musk would want to visit Thailand if cryptocurrencies were  more widely accepted.

 

Mr Yuthasak said that as well as discussing the matter with hotel and restaurant chains, the move also needs approval from the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC) and measures must be put in place to prevent money laundering. 

 

The move would help TAT’s overall goal of attracting young, rich tourists with high purchasing power, that will increase the spending rate per capita, per trip.

 

Bangkok Biz News also reported that Mr Yuthasak has held discussions with tourism minister Pipat Ratchakitprakarn regarding goals for the  tourism industry for the remainder of the year.

 

The initial earnings target  from foreign tourists of 500 billion baht has now been downgraded to 428 billion baht, which equates to an average spend of 53,500 baht per person. 

 

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[aqua4]

So let me guess. Thailand will be the next Bitcoin "hub". 

[SVC Porter]

Thailand will get fleeced big time if they get themselves wound up in Crypto

[ukrules]

6 minutes ago, webfact said:

TAT has already begun a feasibility study to see whether digital currencies can be accepted at tourist destinations in Thailand.

 

The long term plan is to enable hotels and other operators in the tourism sector to accept payments in crypto currencies.

If they want to accept crypto currencies then they can do so already and without any kind of approval or encouragement from central government.

 

A couple of years back Thailand introduced a new law which will ensure that nobody who ever sells any crypto  currency will ever live in Thailand.

 

The law was to tax people on their worldwide crypto earnings if they're in Thailand for more than 180 days because 'blockchain is worldwide' - it was one of the dumbest things I've ever read.

 

There will never be a large crypto economy in Thailand so long as this law remains on the books and people will simply keep their money outside of Thailand where they will remain living.

 

[Phuketshrew]

Not sure Elon will be too keen after his previous experience in Thailand ...

[bluesofa]

32 minutes ago, Phuketshrew said:

Not sure Elon will be too keen after his previous experience in Thailand ...

I'm sure if he's hungry when he arrives he can order a submarine sandwich.

[Justgrazing]

1 hour ago, webfact said:

 

TAT has already begun a feasibility study to see whether digital currencies can be accepted at tourist destinations in Thailand

 

Not new .. there were bars and restaurant in Patt's already accepting it

 .. 

[Lupusthai]

New entertainment for tourists....
 

[Dagfinnur Traustason]

So, first illegal and now it shall save tourism?

[Justgrazing]

1 hour ago, webfact said:

 

On average, Japanese nationals hold more crypto currencies than any other nationality,  Bangkok Biz News

 

They wanna megabyte outta that market then ..

[metisdead]

A post using ALL CAPS has been removed as posting using ALL CAPS is poor netiquette. 

[10baht]

I am so ashamed to have chosen to retire here.

[Dukeleto]

Following the news in Thailand is always good for a laugh.

[Dazinoz]

33 minutes ago, 10baht said:

I am so ashamed to have chosen to retire here.

So are we.

[Laughing Gravy]

I would like to thank the TAT for yet another hilarious ;'hair brain' scheme that they provide me with my daily medicine of laughter. .

 

Truly amazing. I cant wait for tomorrows installment.

[LALes]

All beach hawkers and somtam vendors to be equipped with Bitcoin processing by next high season.

[Mr Meeseeks]

17 hours ago, ukrules said:

A couple of years back Thailand introduced a new law which will ensure that nobody who ever sells any crypto  currency will ever live in Thailand.

This mob are in Koh Phangan, launched their IDO from Thailand and are launching other IDOs on their own platform, 

 

https://twitter.com/paid_network?lang=en

 

[Mr Meeseeks]

17 hours ago, webfact said:

Mr Yuthasak said that even Elon Musk would want to visit Thailand if cryptocurrencies were  more widely accepted.

Tesla bought Bitcoin. Nowhere has Elon Musk said anything about visiting Thailand.

 

They really just spout any only nonsense and expect other idiots to lap it up. 

[cnx101]

16 hours ago, Phuketshrew said:

Not sure Elon will be too keen after his previous experience in Thailand ...

I’m sure the diver guy, sorry forgot his name, will put him up in his home for free.

[SymS]

I own around $16 (yes, sixteen dollars) worth of Bitcoin Cash, I can't wait to find out what TAT has in store for me!

[ChrisKC]

1 hour ago, 10baht said:

I am so ashamed to have chosen to retire here.

To what extent are you actually affected?

[Dogmatix]

I am sure Elon would to come and have a beer with the caver he called a pedo after he told Elon to grease up his cave submarine and stick it where it would hurt. They could with Bitcoin and even settle damages with it.
 

The problem that Mr Yurhasak has overlooked is that Elon never takes holidays.

[Dogmatix]

Bitcoin has huge potential in Thailand as a means of settling demands for bribes in an untraceable way. Mr Yuthasak should advise tourists to bring a good supply of the coins to pay fees for a range services such as being let off traffic fines, not being charged for smoking drugs, abuse of minors, visa overstay and etc. Thai police could become the largest holders of Bitcoin in a short period of time.

[Dogmatix]

14 minutes ago, SymS said:

I own around $16 (yes, sixteen dollars) worth of Bitcoin Cash, I can't wait to find out what TAT has in store for me!

How I’d possible to own $16 worth of Bitcoin? Just one is $52,000.

[JayClay]

5 minutes ago, Dogmatix said:

How I’d possible to own $16 worth of Bitcoin? Just one is $52,000.

 

In the same way it's possible in some places to buy just one slice of pizza....

[SymS]

26 minutes ago, Dogmatix said:

How I’d possible to own $16 worth of Bitcoin? Just one is $52,000.

It's Bitcoin Cash (BCH), not Bitcoin (BTC), and it's possible to buy fractions of Bitcoin. Now it's easy with apps like Coinomi wallet.

Before I also had around 0.4 Bitcoin (BTC) in my hard drive, but it failed and the backup as well, so it's all gone...

[mikeymike100]

17 hours ago, Phuketshrew said:

Not sure Elon will be too keen after his previous experience in Thailand ...

You beat me to it! It was shameful the way he was treated before, when he was only trying to help those trapped kids!!

[Mr Meeseeks]

17 minutes ago, Dogmatix said:

Bitcoin has huge potential in Thailand as a means of settling demands for bribes in an untraceable way.

Bitcoin is definitely traceable, and it is not anonymous either. 

 

The whole point of the blockchain is that every single transaction is recorded. 

 

Bitcoin is pseudonymous, much the same as your IP address. 

[Mr Meeseeks]

19 minutes ago, Dogmatix said:

How I’d possible to own $16 worth of Bitcoin? Just one is $52,000.

You can buy a fraction of a Bitcoin, no need to buy a whole one 555

[hotchilli]

17 hours ago, Phuketshrew said:

Not sure Elon will be too keen after his previous experience in Thailand ...

Yeah after the caving experience a visit is definitely off the cards.