Thailand’s GDP could be multiplied by six times if it embraces the cryptocurrency space, according to Bitkub’s CEO.
Jirayut Srupsrisopa, the founder and CEO of the cryptocurrency exchange Bitkub, is said to have urged Thailand’s authorities to begin investigating the digital asset industry.
The sector’s market capitalization is nearly five times that of the country’s GDP. As a result, it has produced a large number of wealthy individuals who can help the Thai economy, he added.
Thailand Can Benefit From Wealthy Cryptocurrency Owners
People with significant financial capacity have emerged as a result of the growth of the digital asset market. According to The Bangkok Post, Jirayut Srupsrisopa, the CEO of Bitkub, believes the Tourism Authority of Thailand (TAT) should abandon traditional marketing in order to attract some of those wealthy crypto investors.
The South-East Asian country is one of the most visited in the world, with tourism accounting for nearly 20% of GDP prior to the pandemic. Furthermore, because of its tropical climate, sandy beaches, and low cost of living, many people prefer to live there and work remotely. Cryptocurrency holders, according to Srupsrisopa, have the potential to 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, causing a significant economic hit. Thailand began welcoming visitors again in early November, owing to rising vaccination rates.
According to Srupsrisopa, private businesses are prepared to provide digital asset services to the new wave of tourists. The country’s regulators, on the other hand, should “press the button” for such actions. He went on to say that embracing the crypto industry could result in Thailand’s GDP being multiplied:
“If we can strengthen this market, our national GDP could grow six times.”
TAT intends to release its utility token.
TAT Governor Yuthasak Supasorn also commented on the matter. He revealed that the government is working on a new tourism ecosystem based on blockchain technology. It will allow wealthy individuals, including cryptocurrency owners, to direct their funds to tour operators without the use of intermediaries.
Nonetheless, he stated that the TAT must examine regulatory issues such as the risk of cybercrime before launching:
“Because the TAT is a state enterprise, there are many regulatory issues that we need to discuss with related parties before implementation.” We also need to prepare other preventive measures against cybercrime and customer protections.”
The Tourism Authority of Thailand announced plans to create a utility token called the TAT coin a few months ago. Supasorn stated at the time that the asset would help tour operators gain more liquidity. He lauded cryptocurrencies as an asset class that is “changing the world” and predicted that the move would attract more tourists.