Thailand Lays Groundwork for Crypto Tourism to Revive Industry

[reader]

From Bloomberg News

Thailand is targeting newly-minted crypto millionaires to breathe life into its pandemic-battered tourism industry.

The Tourism Authority of Thailand is working with the nation’s regulators and a local cryptocurrency exchange to pave the way for the acceptance of digital tokens for travel, according to its Governor Yuthasak Supasorn. That may help the tourism-reliant nation to recoup some of the $80 billion in lost revenue through the pandemic, he said.

“There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,” Yuthasak said in an interview on Thursday. “If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them.”

https://www.bloomberg.com/news/articles/2021-11-28/thailand-lays-groundwork-for-crypto-tourism-to-revive-industry

 

[Guest]

14 hours ago, reader said:

 “If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them.”

If the tax authorities in their country of residence permit this loophole.

[reader]

From Thai PBS World

Thailand to bar use of digital assets for payments for goods, services

Thailand’s Securities and Exchange Commission (SEC) has issued a set of regulations to be applied to digital assets operators, which take effect on April 1^st, barring them from using digital assets as a means of payment for goods or services.

The regulations are intended to control the use of digital assets as a means of payment, to prevent cybercrime, money laundering, data leaks and any threat to financial stability and the economic system.

The use of digital assets for investment is not affected by the new regulations.

According to the regulations, all digital assets operators are barred from providing services or acting in a way which is deemed as supporting or promoting the use of digital assets as a means of payment for goods or services, such as advertising, and from persuading people to use digital assets as a means of payment.

Businesses will have until the end of April to comply with the new rules.

The prohibition covers the opening of e-wallets or the provision of tools or systems to facilitate the use of digital assets as a means of payment for goods or services.

In case a customer of a digital asset operator is found to have used their digital assets as a means of payment, the operator must immediately warn that customer to stop the practice, as it is deemed to contravene the operator’s regulations. The operator may suspend providing services to such a customer.

The regulations cover digital asset exchanges, cryptocurrencies, digital tokens, digital asset brokers and traders.

[pong2]

On this subject, but a little away from TH; right now I sit in Praha (and not specific for its offer in BelAmi or Manś Best/Higgins guys) and here -even in suburban metro stops, are many bitcoin machines that ´promise´ to change right at the spot your precious crowns into that ´currency´-or seemingly also reverse. I only used a real life (arab run, of course) money exchange for a €note into those crowns for small purchases, as I have decided to steer clear of this coinage, but others may think otherwise.

For those who dont know: the currency here in CZ is since more as a century the Czech (former Czechoslovak) koruna=crown, or CZK. About 24/25 to the€. They should once turn over to €-as all new EU-states have to, but it has not happened till now.

If it would fit in Th it would likely open the sluices for the Chinese to turn their hidden stacks into ´black' currencies.