Thailand relies heavily on the revenue generated from tourism. Calm beaches, exotic cuisine, stunning scenery, and a wonderful culture have made it one of the top tourist destinations in the world. Now, the groundwork has been laid out to boost its tourism with crypto.
In the last few years, however, Covid-19 has made travel to this location harder for many. Thailand has seen a drop of almost 8% of its total gross domestic revenue. As the world begins to open up to international travel, it is looking to grow tourism with the power of cryptocurrencies.
Before the pandemic, Thailand would normally see around 10 million tourists visit every year. These last few years have taken tourism out almost completely and the government wants to bring it back in full swing by 2023.
To make up for the $80bn loss, the government is looking into solutions. One solution is through cryptocurrencies which will allow travelers to utilize digital assets without the risk of taxation or exchange fees.
This type of incentive is known as Crypto Tourism. Crypto Tourism is a form of travel that utilizes cryptocurrencies in many different ways. This form of tourism allows crypto enthusiasts to pay for flights, hotels, and even restaurants with digital assets. We have already seen cruise ships take this route which has proven to be popular and effective. Also, some tourism packages in Queensland Australia have added cryptocurrencies as payment options.
The ability to use global currencies reduces risks associated with using traditional banks in foreign countries. Using cryptocurrencies means exchange rates don't need to be paid to convert fiat. Travelers won't have to deal with their traditional bank cutting off their cards or restricting their usage while in another country. For transactions that can only be paid for in cash, a cryptocurrency holder can utilize a Bitcoin ATM to pull out local fiat.
To make this happen, Thailand looks to make a partnership with a local exchange. Payment processors will help facilitate usage and thus, make it easier to accept as payment. With no taxation on the table, Thailand could potentially see major crypto millionaires move to the country as a safe haven.
Where would you want to see adopt crypto tourism? Let us know on our Twitter!