Jirayut Srupsrisopa, the chief executive of Bitkub, announced that the exchange could help Thailand in multiplying its Gross Domestic Product (GDP) by a whopping six times if it decides to embrace the cryptocurrency sector. The CEO of the home-grown exchange stated that it was high time for authorities in Thailand to shift their focus on these digital assets. Currently, Thailand is regarded as one of the biggest crypto economies in the world. The market capitalization of the digital asset space is approximately five times larger than that of the GDP of the country. Moreover, the market has helped a number of individuals in making significant gains that could give the economy a solid boost as well.
The expansion and growth of the crypto space in Thailand has helped many people build their wealth. The Bangkok Post published a report recently where it cited the Bitkub CEO, who suggested that the Tourism Authority of Thailand (TAT) should look into attracting wealthy crypto investors. After all, Thailand is regarded as one of the top tourist destinations throughout the world. Before the global coronavirus pandemic, 20% of the GDP of the country was contributed by the tourism sector, which clearly indicates that there is a lot of potential here.
According to Srupsrisopa, if they are able to attract rich crypto holders who want to settle in the country because of its low cost of living and tropical climate, it would help in transforming Thailand’s economy. There were some signs of recovery in the Thailand tourism sector earlier this month after it reopened because of the increased vaccination efforts. Bitkub’s CEO also added that private businesses had the tools for providing tourists with digital asset services. The chief executive went on to elaborate that the crypto sector could significantly assist Thailand in giving its GDP a boost.
He said that the national GDP would grow six times if they were able to strengthen the crypto market. Yuthasak Supasorn, the governor of the TAT, stated that the authorities were thinking of developing a tourism ecosystem that would be powered by blockchain technology. He further added that this sector would be helpful in empowering wealthy individuals for channeling their wealth into the tourism industry without having to use any third parties. However, he went on to add that there was still some risk involved because the sector was largely unregulated and there was a need for strong and clear regulations.
He said that since TAT was a state enterprise, they had to deal with a number of regulatory issues that have to be discussed with related parties before they can be implemented. He also added that they also needed to prepare some customer protections and preventative measures against cybercrimes. TAT is also considering developing a utility token by the name of the TAT coin. Crypto players will be able to use asset for improving their liquidity. He also referred to cryptocurrencies as an asset class that was ‘changing the world’ and the TAT token would probably be part of the effort.