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October 8, 2022
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Thailand to adopt cryptocurrency to boost its GDP

Bitkub CEO Thailand could multiply its GDP six times if it opens its arms to the cryptocurrency space.

Jirayut Srupsrisopa, founder and CEO of Bitkub cryptocurrency Exchange, reportedly urged Thai authorities to start digging into the digital asset industry.

The market capitalization of the sector is almost five times greater than the country’s GDP. As such, it has produced many wealthy individuals who can boost the Thai economy, he added.

Wealthy cryptocurrency holders could be beneficial to Thailand

The growth of the digital asset market has created people with significant financial strength. According reported by The Bangkok Post, Jirayut Srupsrisopa, head of Bitkub, believes the Thailand Tourism Authority (TAT) should move away from traditional marketing and attract some of these wealthy cryptocurrency investors.

The Southeast Asian nation is one of the most visited globally as its tourism sector accounted for nearly 20% of GDP before the pandemic. Furthermore, many prefer to live there and work remotely due to its tropical climate, sandy beaches and relatively low cost of living. According to Srupsrisopa, cryptocurrency holders can transform Thailand’s economy if they settle in the country.

Due to the COVID-19 pandemic, “The Land of Smiles”, as Thailand is known, closed its borders to tourists, which dealt a heavy blow to its economy. With the increase in vaccination temperatures, Thailand started to receive visitors once again from the beginning of November.

Srupsrisopa opined that private companies are ready to provide digital asset services to the new wave of tourists. However, the country’s regulators must “push the button” for such actions. He added that embracing the cryptocurrency industry could result in the multiplication of Thailand’s Gross Domestic Product:

Our national GDP can grow six times, if we strengthen this market.

TAT plans to release its token

Yuthasak Supasorn, governor of the TAT, also commented on the matter. He revealed that authorities are designing a new tourism ecosystem based on Blockchain technology. This will allow wealthy individuals, including cryptocurrency owners, to funnel their money to tour operators without negotiating with middlemen.

Still, he noted that TAT needs to look at regulatory issues such as the risk of cybercrime before launch:

Due to TAT’s status as a state-owned company, there are a number of regulatory issues that we need to discuss with related parties prior to implementation. And there are also other preventive measures against cybercrime and customer protection that we need to prepare.

A few months ago, the Tourism Authority of Thailand indicated plans to create a utility token, called a TAT currency. At that time, Supasorn said the asset would help tour operators gain greater liquidity. He praised cryptocurrencies as an asset class that is “changing the world” and opined that the move could attract more travelers.

Source: CryptoPotato

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