Crypto adoption rates have skyrocketed over the years; there was a time when no one wanted to do anything with crypto, and now everyone wants to have a taste of what it is and basically how decentralization can help them in this tiring economy. Following this very thought and agenda, many countries have directly incorporated cryptocurrencies such as Bitcoin into the economy as a legal tender, such as El Salvador, while others are making it available to the masses and investors to increase exposure.
Every country has its own take on crypto, but now Thailand is going to give the world a more interactive and thoughtful implementation of crypto to boost its economy via tourism. The tourism department in Thailand has proposed to make crypto payments eligible for foreigners within Thailand as the means to bring in more people as tourists who want to explore the country and are willing to pay in crypto.
Thailand Wants to Revive its Crushed Tourism Business
The tourism industry worldwide has received immersive shocks as the COVID-19 pandemic hit and has disturbed their course for more than two years now; many countries rely on tourism as a source of income and bringing in capital, and Thailand happens to be one of those. That is why the country has announced accepting crypto and making it an acceptable mode of payment to attract wealthy foreign crypto investors. This is merely a try on the state level to revive the tourism industry that has been hit harder because of pandemic and attracting crypto-rich tourists within the country.
The idea is that every large retailer within the country should start accepting crypto, and therefore tourists that are rich in crypto and have nowhere to spend it could see Thailand as a potential tourist place that accepts crypto and is welcoming them with open arms. The most impressive thing about this initiative is that people won’t have to convert their cryptocurrencies into fiat counterparts for the sake of paying for things; also, the state won’t receive any taxes for those payments done with crypto. This is a very neat and compelling advertisement plan by Thailand, and it just might work.