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

webfact

By webfact
in Thailand News

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webfact Grand Master Member

webfact

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

 

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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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-- © Copyright Thai Visa News 2021-02-19
 
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webfact
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

aqua4
aqua4

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

ukrules
ukrules

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

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ukrules Star Member

ukrules

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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.

 

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Mr Meeseeks Ruby Member

Mr Meeseeks

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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

 

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Mr Meeseeks Ruby Member

Mr Meeseeks

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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. 

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Dogmatix Platinum Member

Dogmatix

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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.

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Dogmatix Platinum Member

Dogmatix

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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.

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SymS Silver Member

SymS

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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...

Edited by SymS
grammar!
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mikeymike100 Gold Member

mikeymike100

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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!!

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Mr Meeseeks Ruby Member

Mr Meeseeks

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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. 

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