As the crypto industry continues to mature, the Thailand government has seen an opportunity in it. The government thinks that crypto is the future, and they want to make a positive society surrounding it. They want to attract hodlers and investors in crypto to the country. Now Thailand government is doing all this because of the $80 billion in lost revenue from Tourism during the pandemic.
Thailand plans to attract crypto investors
Thailand’s government is working with the regulators in the country to spend cryptocurrencies for various goods and services. This means they are in some way looking to promote it as a legal tender in the country, even though not officially. The governor said that those who are holding crypto and have become wealthy would definitely want a way to spend that wealth. And the Thailand government wants to give that way.
They plan to offer visitors a way to spend cryptocurrencies without having to pay any taxes or exchange them for fiat. This will create ease of use and give them huge benefits in spending cryptocurrencies in the country. The government has already started to work with the Thai SEC, Bank of Thailand, and Bitkub Online Co. to make this happen. Thailand will also build a system to issue its own crypto tokens and an ecosystem to support foreign visitors.
Revenue opportunities
Thailand is a great place for trips and tourism, and the government makes a lot of money for that. But during the pandemic, they lost around $80 billion in revenue due to the same. To make up some of that number and maybe all of it, the government is planning to incentivize crypto use. With this new approach, they plan to recover almost 80% of the lost revenue in 2023 with half of the visitors. This means that the government will make it extremely easy to spend crypto so that visitors don’t feel the pain of parting with their money.
Thailand’s goal to build a crypto-positive society as it is the future is promising. What are your thoughts on the same? And do you think that the revenue they expect to generate from this change will be possible? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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