The Tourism Authority of Thailand (TAT) is planning to issue its own cryptocurrency for tourists to attract wealthy members of the community.

Thailand will launch a cryptocurrency for tourists

Thai authorities are considering launching digital tokens for visitors to make up for the economic losses of the last year and a half. Thailand lost $80 billion in tourism revenue from the pandemic. 

According to the TAT’s plan, a cryptocurrency for tourists involves the following steps: 

  • Developing and implementing tools for the ability to pay in new digital assets.
  • Creation of special conditions for crypto community members, particularly no taxes for transactions with the new asset.
  • Attracting wealthy members of the industry to the country.

Implementing the digital token project for travel will be carried out by a specially created unit, which will be helped by the Bank of Thailand, local regulators and cryptocurrency exchanges operating in the country. 

Cryptocurrencies are still not considered a legal tender in Thailand, although the legal environment for accepting cryptocurrencies has been under development since 2018. Since the same year, crypto trading has been allowed for individuals but prohibited for local banks.

Author: Mark Wallerstein