Thailand Should Embrace Crypto to Boost Its GDP (Report)

Jirayut Srupsrisopa – Founder and CEO of the cryptocurrency exchange Bitkub – reportedly urged Thailand’s authorities to start delving into the digital asset industry.

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

Rich Crypto Holders Can Be Beneficial to Thailand

The growth of the digital asset market has created people with significant financial capacity. As reported by The Bangkok Post, Jirayut Srupsrisopa – the head of Bitkub – believes the Tourism Authority of Thailand (TAT) should shift away from traditional marketing and attract some of those wealthy crypto investors.

The South-East Asian nation is one of the most visited globally as its tourism sector was responsible for nearly 20% of the GDP before the pandemic. Moreover, 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 could transform Thailand’s economy if they settle in the country.

Due to the COVID-19 pandemic, “The Land of Smiles” closed its borders to tourists, which was a severe blow to its economy. With the rising temps of vaccination, Thailand started welcoming visitors once again from the beginning of November.

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

“Our national GDP could grow six times if we can strengthen this market.”

TAT Plans to Launch Its Utility Token

Yuthasak Supasorn – Governor of the TAT – also commented on the matter. He revealed that the authorities are designing a new tourism ecosystem based on blockchain technology. It will enable wealthy individuals, including cryptocurrency owners, to channel their money to tourist operators without dealing with intermediaries.

Still, he noted the TAT needs to examine the regulatory issues such as the risk of cybercrimes before launch:

“Due to the TAT’s status as a state enterprise, there are a lot of regulatory issues we need to discuss with related parties before implementation. And there are also other preventive measures against cybercrimes and customer protections we need to prepare.”

A few months ago, the Tourism Authority of Thailand indicated plans to create a utility token called the TAT coin. Back then, 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 might attract more travelers.