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

[Sametboy2019]

 

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

 

 Yes because he wouldn't be able to afford it otherwise ????????

[johnarth]

who sees the bull sh-- ads on Facebook about big time people buying bitcoin (not true) but the ads stay on Facebook for months, surely that is illegal, cybercurrency is nothing (thin air) one day it will crash, and so will everyone involved

[shackleton]

Well I have heard it all now

With the amount of Scams  going on in Thailand

The opportunity  for scamming cryptocurrency holders  holds no bounds

[Bangkok Barry]

When will Thailand realise that the country has little to nothing to attract wealthy tourists. Those with real money go to places with impeccable service standards all the time, good value for money which rich people demand even though they are rich, sophisticated and reliable infrastructure, countries where all who deal with foreigners understand and speak perfect English, places where their life is not in danger from lunatic drivers and hanging wires, where they are not deluged under piles of forms that require 20 signatures if they want to apply for anything official. And the authorities flat out refuse to tackle problems such as air pollution caused by illegal burning, or taxi mafia in places such as Phuket or Pattaya, where taxis have meters that never, ever work. Foreigners do not want to put up with such nonsense. I could go on.

 

As long as Thailand believes it is the most desirable place on Earth and therefore no real effort needs to be made to attract people it will continue to attract only the lower end of the market, people who come because it is a bargain destination. Except now it isn't, because whereas in the real world prices might increase by two or three percent at a time, in Thailand they increase by 20 percent. That has now caught up with them and the country is no longer cheap. Almost everything that foreigners require that is of a similar quality and standard to what they have at home is now more expensive than from where they come from. So why come?

[chilli42]

Clearly he has no idea what-so-ever how Crypto works.  OK for buying a car not practical for buying coffee .... there are exchange rates and fees when transaction take place.

[Tech65]

The new TAT target customers are: Elon Musk, the Gates family, the Rockefeller family, the Rothchild family, the Qatar royal family, the Saudi royal family, Anthony Fauci, thousands of Hollywood stars, thousand of rock stars, thousands of sport champions .......

 

The world is full of millionaires and billionairs. What could possibly go wrong with Thai tourism business in the future?  ????

 

Edited February 20, 2021 by Tech65
format

[DerbyDan]

Musk won that lawsuit from the diver he called pedo guy.

The diver was probably hoping for a cash settlement.

[DerbyDan]

30 minutes ago, Bangkok Barry said:

When will Thailand realise that the country has little to nothing to attract wealthy tourists. Those with real money go to places with impeccable service standards all the time, good value for money which rich people demand even though they are rich, sophisticated and reliable infrastructure, countries where all who deal with foreigners understand and speak perfect English, places where their life is not in danger from lunatic drivers and hanging wires, where they are not deluged under piles of forms that require 20 signatures if they want to apply for anything official. And the authorities flat out refuse to tackle problems such as air pollution caused by illegal burning, or taxi mafia in places such as Phuket or Pattaya, where taxis have meters that never, ever work. Foreigners do not want to put up with such nonsense. I could go on.

 

As long as Thailand believes it is the most desirable place on Earth and therefore no real effort needs to be made to attract people it will continue to attract only the lower end of the market, people who come because it is a bargain destination. Except now it isn't, because whereas in the real world prices might increase by two or three percent at a time, in Thailand they increase by 20 percent. That has now caught up with them and the country is no longer cheap. Almost everything that foreigners require that is of a similar quality and standard to what they have at home is now more expensive than from where they come from. So why come?

That's baloney.

 

Just to give one example, my apartment in the center of Bangkok was 25k baht. That same standard and central location would be around $2,000 usd in san francisco or even more in nyc or other popular cities.

[Chongalulu]

Whenever you feel inclined to revise your perceptions that Thailand has some of the most mentally challenged officials on the planet ,along comes the almost daily utterances to disabuse you of thinking more generously. ???? 

[Seeall]

19 hours ago, ukrules said:

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.

 

Usual for TH, but other countries also scrabling best they can to get their finger in the tax and control ....  seems to me targeting when you convert to Fiat after you big earnings.. from untracable sources, capital growth, whatever..... then catch you at the banks and brokers....  so it will be a logigal thing that brokers will spring up in tax havens and you transfer to there .. by then or already with all your banking needs, cards whatever....

If you think about it, why transfer it anywhere else if it has decent services.. the haven could make income just on this topic...  

 

So most for now just want to buy coins and wow, I have spent a week reseaching brokers, still not happy ....  yeah ok for the play money but it adds up with serios cash... fiat fees in/out, buy/sell fees for fiat to coins but they like to try not mention the spreads which is simple but seem many overlook that....  it will be interesting times indeed, cheers all

[RocketDog]

20 hours ago, aqua4 said:

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

Exactly. It will happen immediately after the first successful Thai mission to orbit the moon that is slated to happen in about 5 years according to the Thai government. 

 

Why the skepticism? 

[billd766]

30 minutes ago, DerbyDan said:

That's baloney.

 

Just to give one example, my apartment in the center of Bangkok was 25k baht. That same standard and central location would be around $2,000 usd in san francisco or even more in nyc or other popular cities.

So your apartment is well priced, how long is your lease for? 

 

How do you get around in BKK, how close are you to 1st class restaurants, to high class shopping facilities, to really good tourist spots.

 

Bear in mind that high class tourists would only stay for  few days and won't need long term leases, so they are more likely to stay in 5 or more star hotel suites where they will have room service on call 24/7, limo service 24/7 an all the other facilities that they are used to including staff who can speak, read and write the customers language.

[Bangkok Barry]

50 minutes ago, DerbyDan said:

1 hour ago, Bangkok Barry said:

When will Thailand realise that the country has little to nothing to attract wealthy tourists. Those with real money go to places with impeccable service standards all the time, good value for money which rich people demand even though they are rich, sophisticated and reliable infrastructure, countries where all who deal with foreigners understand and speak perfect English, places where their life is not in danger from lunatic drivers and hanging wires, where they are not deluged under piles of forms that require 20 signatures if they want to apply for anything official. And the authorities flat out refuse to tackle problems such as air pollution caused by illegal burning, or taxi mafia in places such as Phuket or Pattaya, where taxis have meters that never, ever work. Foreigners do not want to put up with such nonsense. I could go on.

 

As long as Thailand believes it is the most desirable place on Earth and therefore no real effort needs to be made to attract people it will continue to attract only the lower end of the market, people who come because it is a bargain destination. Except now it isn't, because whereas in the real world prices might increase by two or three percent at a time, in Thailand they increase by 20 percent. That has now caught up with them and the country is no longer cheap. Almost everything that foreigners require that is of a similar quality and standard to what they have at home is now more expensive than from where they come from. So why come?

Expand  

That's baloney.

 

Just to give one example, my apartment in the center of Bangkok was 25k baht. That same standard and central location would be around $2,000 usd in san francisco or even more in nyc or other popular cities.

 

This thread is generally about tourists, not residents.

[malthebluff]

4 hours ago, 10baht said:

I am so ashamed to have chosen to retire here.

Welcome to the club of regrets

[connda]

Somebody must be crashing the stash at an Anutin ganja farm.
 

[Per Norstedt]

Think we see the last desperate wishfull thinking. Who want to visit Thailand anymore. They have cheated tourists for decades,  and i don't feel sorry for them at all. 

[Bradmeister]

That will solve the problem of in house corruption and lack of transparency.... 

 

They seem to have tunnel vision on the Mighty Rich Tourist Dollar. 

 

Start cleaning house, simplifying the law, and hirinng young people from universities with fresh minds and new ideas.

 

.....and stop killing trees would be a good first step to going digital.  Thailand goes Green can be the new slogan. 

 

No longer will people need to carry cash, and passports and National ID's.

 

Drivers license and a debit card. Have a nice day.

 

 

[PETERTHEEATER]

I tried digital currency. I inked three zeros on the end of my bank book balance  and admired my new wealth but my bank manager is being awkward.......????

[spidermike007]

Thailand has countless laws that stifle foreign investment, and discourage higher quality tourists from visiting. From the super dumb luxury taxes, to the insane wine taxes, to the taxes on imported goods. 

 

They keep droning on and on and on about wanting rich tourists. What sacrifices are the ministers willing to make, to get them? Rich tourists like to spend money when they travel. And they cannot do that here, as they do not like getting taken for a ride. Most wealthy people are smart with their money. Thailand could be making a fortune on a 25% luxury tax. Instead of the 100% or more, which discourages most people from buying. How many people do you see in the luxury stores here? They are almost always completely empty. Inane. Beyond inane. The same applies to the "foreign wine" tax. It cripples what could be a dynamic industry, which would be 10X larger, at a 75% tax level, instead of 365%, thereby generating twice the revenue, and creating countless jobs. Plus attracting more higher end tourism. Dumb policy has a price. 

Are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement? No. Nothing, and I mean less than zero is being done.

Tourism is not returning to Thailand anytime soon. If you think about it, the group that comprised perhaps 60% of all arrivals (lower to middle income Chinese, Malaysians, and Indians) are the ones who have been hardest hit by this idiotic worldwide economic shutdown. Tourism in Thailand will never recover to even close to it's former levels, and that leaves millions out of work. Most countries will still be required to have Covid letters, as the virus is still raging in many countries. And some countries will not issue that letter (impossible to get in the US). Plus, will the mandatory health insurance still be required? Will it be even stricter than before? And just what are people returning to, or coming to? Will bars be open? Will any service this shutdown? How about nightlife?

Within a year, if this virus gets under control, Thailand may see 25,000 tourists a month. By 2022, they may see 2 to 5 million tourists. Maybe. It may take 5 more years, before they see 10 million tourists, and it will never, in our lifetimes, get back to the levels it was at, pre-covid. There were already a dozen areas and issues that were not being addressed. What sacrifices are the authorities willing to make? I do not see any discussion of this, but rather the vapid "TCOKU" (Thailand is the center of the known universe) drivel. They will return, simply because we open back up. No. Not the case. You need to do alot more than that. Thailand will be forgotten over time. Thailand needs the world, 20x more than the world needs Thailand. Are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement? No. Nothing, and I mean less than zero is being done.

There are so many unanswered questions, it boggles the mind. One thing is for certain. Thailand will be feeling the effects of this for a very, very long time. So will the rest of the world.

[sambum]

No doubt Elon will be hoping to sell some of his submarines, as the PM seems to have a thing about them!

 

Maybe this time he'll bring one that works!

[Caldera]

What they don't seem to get is that Bitcoin's rise and high level of volatility have made it pretty much unsuitable as a mode of payment, at least for small day to day purchases.  In that sense, it has become a victim of its own success.

 

Some years ago, it used to be fun to walk around with a bitcoin wallet on one's phone loaded with the equivalent of a few thousand baht and to pay for a few beers on occasion, at a bar that happened to accept bitcoin payments - be it in Bangkok or in HCMC.

 

I could probably buy a Ferrari now with all the tiny little bitcoin amounts I spent on beer back then, but even leaving this aside, the mere cost of a transaction nowadays is just too high.

Edited February 20, 2021 by Caldera

[MisguidedPangolin]

This is a really great idea! Tapping into the lucrative market of people with millions of dollars' worth of bitcoin but no actual money. It must be very frustrating for them having so much wealth in bitcoin with no way to spend it on travel... until now!

I can honestly say that I believe Thailand will get 100% of this demographic, those desperate to spend huge bitcoin wealth on travel but have no access to FIAT currency.

[sambum]

Just now, spidermike007 said:

Thailand has countless laws that stifle foreign investment, and discourage higher quality tourists from visiting. From the super dumb luxury taxes, to the insane wine taxes, to the taxes on imported goods. 

 

They keep droning on and on and on about wanting rich tourists. What sacrifices are the ministers willing to make, to get them? Rich tourists like to spend money when they travel. And they cannot do that here, as they do not like getting taken for a ride. Most wealthy people are smart with their money. Thailand could be making a fortune on a 25% luxury tax. Instead of the 100% or more, which discourages most people from buying. How many people do you see in the luxury stores here? They are almost always completely empty. Inane. Beyond inane. The same applies to the "foreign wine" tax. It cripples what could be a dynamic industry, which would be 10X larger, at a 75% tax level, instead of 365%, thereby generating twice the revenue, and creating countless jobs. Plus attracting more higher end tourism. Dumb policy has a price. 

Are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement? No. Nothing, and I mean less than zero is being done.

Tourism is not returning to Thailand anytime soon. If you think about it, the group that comprised perhaps 60% of all arrivals (lower to middle income Chinese, Malaysians, and Indians) are the ones who have been hardest hit by this idiotic worldwide economic shutdown. Tourism in Thailand will never recover to even close to it's former levels, and that leaves millions out of work. Most countries will still be required to have Covid letters, as the virus is still raging in many countries. And some countries will not issue that letter (impossible to get in the US). Plus, will the mandatory health insurance still be required? Will it be even stricter than before? And just what are people returning to, or coming to? Will bars be open? Will any service this shutdown? How about nightlife?

Within a year, if this virus gets under control, Thailand may see 25,000 tourists a month. By 2022, they may see 2 to 5 million tourists. Maybe. It may take 5 more years, before they see 10 million tourists, and it will never, in our lifetimes, get back to the levels it was at, pre-covid. There were already a dozen areas and issues that were not being addressed. What sacrifices are the authorities willing to make? I do not see any discussion of this, but rather the vapid "TCOKU" (Thailand is the center of the known universe) drivel. They will return, simply because we open back up. No. Not the case. You need to do alot more than that. Thailand will be forgotten over time. Thailand needs the world, 20x more than the world needs Thailand. Are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement? No. Nothing, and I mean less than zero is being done.

There are so many unanswered questions, it boggles the mind. One thing is for certain. Thailand will be feeling the effects of this for a very, very long time. So will the rest of the world.

 

"They keep droning on and on and on about wanting rich tourists."

 

And you point out quite rightly the things that rich tourists expect, and Thaiand ain't got it!

 

I spoke to a bar girl many years ago who was convinced that all farang are rich. "What makes you think that?", I asked. "Well" she replied, "You can all afford to buy aeroplane tickets to get here!"

 

Sometimes I think that that she must have  ended up working for TAT!  

[86Tiger]

5 hours ago, Mr Meeseeks said:

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. 

 

 

I give in couple years ago and decided time to get in the bit coin game.

 

I sincerely tried for near a week to get account and wallet set up, eventually just gave up as paper work and verifications required were worse than marriage extension. 

 

It is in no way annonomous.  And much easier to open a bank accout than set up with bit coin.

[chang1]

Apart from the novelty factor, why would anyone use crypto for any purchase under 5000 Baht? Cash is so much more simple and quicker. Crypto is OK for paying for the hotel and flights before leaving but not in a bar or taxi. Until they come out with a crypto card that can be used like a debit card or a version of apple pay for phones, it is not going to take off. Bitcoin and Ethereum are also far too volatile. Vendors need to be on the ball or risk losing (or gaining) 25% of a weeks takings in a day.

Thailand should be looking at the low end long stay and backpacker market. This used to support many family businesses. It is time to realise not many snobs want to come and those that do only benefit a few already wealthy Thais likewise the Chinese group tours. Forcing taxis to use meters would attract far more low end tourists than any talk about crypto. When in places like Hua Hin, Phuket or Samui, I have never given Bitcoin a thought but being ripped off by taxis is a daily annoyance. 

[SupermarineS6B]

Hey, here's a novel idea......Why not just open the doors and stop treating tourists like squaddies ?    What i'm basically saying is, go back to 2014 and leave what was working alone....... About turn, quick march !  

[metisdead]

Some off topic posts and replies have been removed. 

[Tech65]

2 hours ago, spidermike007 said:

Thailand has countless laws that stifle foreign investment, and discourage higher quality tourists from visiting. From the super dumb luxury taxes, to the insane wine taxes, to the taxes on imported goods. 

 

They keep droning on and on and on about wanting rich tourists. What sacrifices are the ministers willing to make, to get them? Rich tourists like to spend money when they travel. And they cannot do that here, as they do not like getting taken for a ride. Most wealthy people are smart with their money. Thailand could be making a fortune on a 25% luxury tax. Instead of the 100% or more, which discourages most people from buying. How many people do you see in the luxury stores here? They are almost always completely empty. Inane. Beyond inane. The same applies to the "foreign wine" tax. It cripples what could be a dynamic industry, which would be 10X larger, at a 75% tax level, instead of 365%, thereby generating twice the revenue, and creating countless jobs. Plus attracting more higher end tourism. Dumb policy has a price. 

Are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement? No. Nothing, and I mean less than zero is being done.

Tourism is not returning to Thailand anytime soon. If you think about it, the group that comprised perhaps 60% of all arrivals (lower to middle income Chinese, Malaysians, and Indians) are the ones who have been hardest hit by this idiotic worldwide economic shutdown. Tourism in Thailand will never recover to even close to it's former levels, and that leaves millions out of work. Most countries will still be required to have Covid letters, as the virus is still raging in many countries. And some countries will not issue that letter (impossible to get in the US). Plus, will the mandatory health insurance still be required? Will it be even stricter than before? And just what are people returning to, or coming to? Will bars be open? Will any service this shutdown? How about nightlife?

Within a year, if this virus gets under control, Thailand may see 25,000 tourists a month. By 2022, they may see 2 to 5 million tourists. Maybe. It may take 5 more years, before they see 10 million tourists, and it will never, in our lifetimes, get back to the levels it was at, pre-covid. There were already a dozen areas and issues that were not being addressed. What sacrifices are the authorities willing to make? I do not see any discussion of this, but rather the vapid "TCOKU" (Thailand is the center of the known universe) drivel. They will return, simply because we open back up. No. Not the case. You need to do alot more than that. Thailand will be forgotten over time. Thailand needs the world, 20x more than the world needs Thailand. Are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement? No. Nothing, and I mean less than zero is being done.

There are so many unanswered questions, it boggles the mind. One thing is for certain. Thailand will be feeling the effects of this for a very, very long time. So will the rest of the world.

Good comment +.

I just wanna add that tourist business will never come back again not even close to what used to be before simply because the low-middle class where those tourists used  to come from is under attack and under demolition in almost all the countries where Thailand were one of the preferred tourist destination, chosen because tourist friendly, fair prices, somehow cheaper than other destinations, good nightlife and, last, with good food, beautiful beaches and temples. Destinations like Samui were dying already long before the covid-19 due to vampiric management of  tourists and residents.

But the national catastrophe is arriving, can be seen everywhere . There are many businesses not strictly related to tourism, but somehow connected, that are choking. 

 

Edited February 20, 2021 by Tech65

[Tech65]

1 minute ago, Tech65 said:

double

 

 

Edited February 20, 2021 by Tech65

[Cranky]

Perfect bedmates like cheese and pickles. Both built on sand foundation, driven by rumour and speculation but somehow work. Until they don’t.