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Thailand’s GDP Could Benefit From Crypto Adoption

Jirayut Srupsrisopa, founder and CEO of Thailand’s leading cryptocurrency exchange Bitkub, reportedly told the country’s authorities to start considering the digital asset industry.

Srupsrisopa pointed out that the market capitalisation of the crypto industry is almost five times larger than Thailand’s GDP (global domestic product). Hence, it has created many wealthy individuals that could help boost the country’s economy.

Srupsrisopa believes that the Tourism Authority of Thailand (TAT) should be focusing on attracting some of the wealthy crypto investors instead of the traditional marketing route. It is a suggestion that holds water, considering that Thailand is among the most visited countries in the world and that its tourism sector accounted for nearly 20% of its GDP before the COVID-19 pandemic. The founder stated that, by getting more cryptocurrency investors to settle in the country, it could work wonders for Thailand’s economy.

Srupsrisopa added that private businesses are prepared to offer digital asset services to the new wave of tourists. However, they would have to wait for the regulators’ approval before doing so. “Our national GDP could grow six times if we can strengthen this market,” said Srupsrisopa.

TAT Governor Yuthasak Supasorn commented that the authorities are working on a new tourism ecosystem based on blockchain technology. It is expected to allow wealthy individuals such as cryptocurrency holders to transfer money to tourist operators without having to go through any middlemen. However, he said that the TAT would need to go over the regulatory issues including the risk of cybercrimes before it can be launched.

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