The Thai government has received a proposal to provide Russian tourists with the opportunity to use cryptocurrencies as an alternative payment option for goods and services.
The Phuket Tourism Association (PTA) and the Bank of Thailand (BOT) are working to find alternative payment methods, including cryptocurrency, for Russian tourists visiting the country. Bhummikitti Ruktaengam, President of the Phuket Tourism Association, has proposed allowing Russian tourists to use cryptocurrencies as an emergency measure and a backup payment option.
He explained that “cryptocurrency will be a fallback option in case fiat currency transactions are not processed.” In addition, Ruktaengam suggested that representatives of the Thai business consider the possibility of connecting to the Russian payment system Mir. The Thai government has also eliminated the 1,900 baht ($60) visa renewal fee and said tourists from any country will not be deported against their will.
At the end of January, the Bank of Thailand, the Thai Securities and Exchange Commission (SEC) and the country’s Ministry of Finance (MOF) made a joint statement on a plan to regulate cryptocurrencies as a means of payment in the country. Regulators have recognized that the use of digital assets as a means of payment, in addition to their investment attractiveness, has the potential to affect financial stability and the overall economic system.
Last month, it became known that the Thai government abolished a tax on income from cryptocurrency transactions in the amount of 15%.
Source: Bits
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