Thailand to Revive the Tourism Sector by Attracting Wealthy Crypto Holders

The Tourism Authority of Thailand (TAT) is going an extra mile by targeting crypto holders, especially those from Japan. The tourism board is seeking to revamp the nation’s tourism sector in the post-pandemic era. The TAT intends to make Thailand the first nation to market that it welcomes tourists who are crypto holders.

Japan is a notable crypto holder

The initial phase will attract Japanese crypto holders because the nation is considered one of the world'’s biggest crypto hubs. A Dalia study in 2018 indicated that 11% of Japanese owned cryptocurrencies and this was higher than the worldwide average of 7%.

The tourism sector has been among those that have been impacted the hardest by the emergence of the coronavirus pandemic earlier last year, which triggered worldwide travel bans and lockdowns. Thailand seeks to get back on its feet in the tourism industry by attracting crypto holders who are high spenders. 

Yuthasak Supasorn, the TAT Governor, noted:

“If we can prepare the country for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations.”

The growth of the crypto market

Thailand has been using creative ways to revive tourism and the decision to target cryptocurrency holders may be due to the digital sector’s significant growth. For instance, Bitcoin’s dominance continues after it recently set an all-time high of over $50,000. 

The TAT is already carrying out a feasibility study on the roll-out of cryptocurrencies at different touristic destinations. Cryptocurrencies and blockchain technology may prove to be game-changers in rejuvenating the tourism industry in the post-pandemic era.

In October last year, Hainan, a southern island province of China, kept a watchful eye on a blockchain-enabled points reward program aimed at promoting tourism in the region. The system was designed to allow consumption points backed by blockchain technology to be exchanged between different businesses in the cultural and entertainment fields.

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