With the surged adoption and popularity of Bitcoin and other cryptocurrencies, the use of blockchain has become one of the major factors helping different industries to scale for better reach and revenue.
In a recent development, the deputy Prime Minister of Thailand has announced that the nation will be using cryptocurrencies and blockchain technology to boost tourism in the nation starting with designations like Phuket.
The announcement by Deputy Prime Minister and Finance Minister, Pichai Chunhavajira came during the seminar conducted by the Market Association of Thailand.
As per finance experts the move by the government came following the surge adoption of cryptocurrencies worldwide, and to offer an ecosystem for foreign tourists to leverage their digital assets holdings to make purchases in the city.
The FM further argues that the implementation will be done following all the existing laws concerning digital assets and all other related products.
He added, “ We won’t do anything that is illegal.” However, Pichai emphasized the current regulations noting that there are sufficient sets of rules to successfully execute this initiative.
A blockchain-based voting system and a blockchain-based supply chain management system for the agriculture sector are two of Thailand’s many blockchain-based projects.
The crypto situation in Thailand is defined by a developing ecosystem, rising acceptance, and an active regulatory framework. Among the countries with the quickest adoption of cryptocurrency, Thailand comes in at number ten.
However, trade is not illegal in the area, and the country has not recognized cryptocurrency as legal cash. Bitcoin, Ethereum, and other digital currencies are easily traded in Thailand, where there are no limits on cryptocurrency trading.
How Crypto is helping the tourism industry to flourish?
Financial inclusion has also expanded as a result of the usage of crypto in tourism, especially in areas with restricted access to traditional payment methods. Even in places where access to conventional banking services is restricted, travelers may now use crypto to make payments.
Some well-known travel destinations, like South Korea and Japan, have started accepting cryptocurrency as payment for services linked to tourism. This has boosted local economies and drawn more tourists.
Cryptocurrency integration in the tourism and travel industry might boost productivity, openness, and financial inclusion, which would eventually result in a more creative and successful industry.
Booking procedures may be automated with smart contracts, eliminating the need for middlemen and lowering the possibility of disagreements. The Securities and Exchange Commission of Thailand (SEC) launched a proposal on October 09, 2024, enabling mutual and private funds to invest in cryptocurrency goods.
Crypto market price updates
At the time of writing, the cryptocurrency market capitalization was at 3.33 trillion with a sudden decline of 6.23 percent, yet the trading volume reached $184.16 billion with an addition of 44.15 percent.
Similarly, Bitcoin the market pioneer has bled 5.84 percent reaching $95,014, not only BTC but Ethereum, Cardano, Dogecoin, Solana, and Avalanche saw a significant decline in their trading prices.
The intraday losers list has been topped by Fartcoin as it lost 22.39 percent reaching $0.955 followed by Ethena, Hyperliquid, Celestia, Gala, Pudgy Penguin,s and THORchain.
