Can Thailand Emerge as a ‘Crypto-Positive’ Travel Destination?

By  //  February 13, 2022

With the rise of cryptocurrency and blockchain technology, Thailand will revamp its tourism industry by becoming a ‘crypto-positive’ destination. The country is adopting these technologies to give tourists more payment options while travelling in Thailand.

The Thai government’s ambitious plan comes just months after China banned all initial coin offerings (ICO) and virtual currency trading. 

“Blockchain is an important element in the process of commercializing tourism,” said Thawatchai Kiatkwankul, director of the country’s Tourism Authority. “All transactions without commissions or fees would encourage tourists to spend more and boost the income of businesses and traders in the sector.” 

Thawatchai, responsible for developing Thailand’s digital economy, claims blockchain will be fully integrated into its tourism industry within five years. According to him, this would make Thailand one of the world’s leading blockchain destinations. In February, no ban on Bitcoin by the government of Thailand’s central bank enforced a blanket ban on Bitcoin and other cryptocurrencies. 

However, an attorney has since challenged the decision in court after being denied to purchase Bitcoin from over 24 million baht [US$748,110] worth of Bitcoins. The fate of this case is hanging in the balance with a decision from The Supreme Court. “The Bank of Thailand will reconsider its policy once a law to regulate cryptocurrencies is in place,” a central bank spokesperson said. 

Crypto-positive countries such as Switzerland and Singapore have already adopted a more forward-looking approach to cryptocurrencies, despite the risks they pose. They even intend to become ‘crypto-neutral’ with viable regulations in place. 

Tawan-Duang Dhiabmahn, managing director of Assure x Global, claims Thailand is at the forefront of blockchain adoption. He spoke during a Blockchain for a Business seminar in Bangkok on July 24. “There are over 100 companies keen to implement blockchain technology into their businesses and several others looking to adopt it as their operational model,” Tawan-Duang said. 

“The country’s digital economy is expected to grow significantly in the next three years, with Thailand set to benefit from rising investment and exports.” The post Thailand’s top tourism official plans the island nation to become a ‘crypto-positive’ travel destination appeared first on ZyCrypto. 

Does the Thailand government accept Bitcoin? 

 

The Thai government has always been optimistic when it comes to emerging technologies. Therefore, you would expect them to welcome cryptocurrencies and blockchain with open arms. Unfortunately, that hasn’t been the case for Bitcoin and cryptocurrency, at least in the last few months. 

In February 2018, Thailand’s central bank (BOT) issued a blanket ban on all digital currencies. Only time will tell whether this was a temporary move or have decided to shut the door on these currencies. If you are interested in bitcoin trading check the special story of bitcoin.

Do you think the Thailand government will accept Bitcoin in the future? 

Here are a few reasons everyone thinks they might: The Thai central bank’s decision was not from their top leadership. Instead, the decision was to “spur investor protection.” This essentially means that they are trying to protect the people who are likely to lose money when investing in these cryptocurrencies. However, this does not mean that the Thailand government will not accept Bitcoin or other cryptocurrencies anytime soon. 

Instead, the main reason behind the ban is the lack of regulations surrounding digital currencies. Yes, governments worldwide are looking to regulate cryptocurrencies, but that does not mean that they all want to shut down these currencies. 

Thailand is no different. They have even suggested initiating crypto regulations through a licensing system. This will allow companies in their country who want to offer cryptocurrency services the opportunity to do so with some form of government support. 

According to the reports, all digital currencies are illegal in Thailand, but they can still do business on them even though their transactions are considered illegal. For instance, Bitcoin Co Ltd continues doing business with investors that come to them looking to buy or trade cryptos. 

Maybe the Thailand government will accept Bitcoin if they succeed in the blockchain sector. The Thai government has always supported technologies that could be successful in the future, and blockchain is one such technology. 

Conclusion

 

Even though Thailand’s central bank has already declared cryptocurrencies illegal, top officers believe that this is not an end to these digital currencies. The country’s digital economy is expected to grow significantly in the next three years, with Thailand set to benefit from rising investment and exports.