Thailand recently said its tourism board is working with the country’s regulators and a local cryptocurrency exchange to pave the way for accepting digital tokens for travel. To boost the tourism industry hit by the COVID-19 pandemic, Thailand recently announced it would work with local cryptocurrency companies and exchanges to start accepting digital currencies for travel. Known as crypto tourism, this form caters to virtual currency lovers by offering travel packages that can be paid for with digital currency. Using Bitcoin and other cryptocurrencies allows travellers to seamlessly make payments and avoid high ATM fees, currency conversion fees, etc.
Tokens for travel, according to its governor, Yuthasak Supasorn.
He said that might help the tourism-dependent nation recoup some of the $80 billion in revenue lost to the pandemic. “Some people have become wealthy by owning digital currencies, and they may want to take advantage of their wealth. Accumulated,” Yuthasak said in an interview on Thursday. “If they can use their coins here without having to exchange them or face government taxes, it would be convenient for them. According to a report by Bloomberg, the Tourism Authority of Thailand (TAT) planned to target newly minted crypto millionaires. Thailand’s governor Yuthasak Supasorn said that if “people who have become wealthy by owning digital currencies” could use the currencies “without having to exchange or face government taxes, then it would bring convenience to them.”
What is crypto tourism?
Crypto tourism is a form of travel where cryptocurrency enthusiasts or investors use coins to pay for their trips. So if you have cryptocurrencies like bitcoins, you can use them to pay for your hotel, food, and other amenities. Cruise ships with multiple amenities for crypto enthusiasts are also included in some programs.
the tourism division of CoinsBank, a blockchain solutions provider based in Edinburgh, Scotland, has hosted blockchain cruises in the past, which have garnered much attention. The last cruise took place between June 9th and 13th, 2019. The journey started in Barcelona and ended in Rome. The world conference occurred on Royal Caribbean’s Oasis of the Seas, at Palma de Mallorca, Marseille and La Spezia. The event brought together decision-makers for four days of panel discussions and other activities.
Travelers use digital currency:
Travelers using digital currencies on vacation is another type of cryptocurrency tourism. Some tour operators in Queensland, Australia, have included cryptocurrencies in their vacation packages to experience the Great Barrier Reef. Tourists could book reef tours, surf lessons and environmental trips using digital currencies. In September this year, El Salvador became the first to adopt Bitcoin as a legal tender. This could be a game changer for travel crypto, with more countries to follow.
“Cryptocurrencies are the future, so we need to make Thailand a crypto-positive society to welcome this group of high-value tourists,” Yuthasak said.