RIYADH: The Tourism Authority of Thailand is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrency in the country, Bloomberg reported.
Thailand is laying the groundwork for becoming a positive crypto community with the aim of attracting cryptocurrency holders and promoting tourism in it.
The country is also hoping to recover some of the $80 billion in tourism revenue lost due to the COVID-19 pandemic and subsequent lockdown.
The plan is already being discussed with the Thai Securities and Exchange Commission, the Bank of Thailand, and Bitkub Online Co., the largest crypto exchange in the country.
The authority will create a new unit next year to handle the issuance of its crypto tokens, produce a wallet, and build a new tourism ecosystem, according to Bitcoin.com.
However, Thailand does not currently recognize cryptocurrencies as legal tender.
Robert Kiyosaki, the author of Rich Dad Poor Dad, has revealed that he is buying more Bitcoin and ether in response to the alarming rise he sees in inflation.
Meanwhile, Blockchain protocol Moonlift has unveiled a new name and a new product release as part of a large-scale rebranding initiative.
The blockchain project will be known as MoonLift Capital and will launch a decentralized exchange that will enable token exchange and liquidity mining features, Bitcoin.com reported.
MoonLift is a community-driven project that aims to provide users with passive income using blockchain technology.
The blockchain protocol also provides a one-stop solution for upcoming crypto projects across marketing, fundraising, and community building services.
MoonLift Capital is also backed by numerous partners and advisors. One of the biggest names is the DeFi startup guide LaunchZone.
MoonLift Capital will offer new projects to Launchzone, providing them with a favorable position to launch their tokens via IDO.
Bitcoin traded higher on Monday rising by 4.75 percent to $56,926 at 6:38 p.m. Riyadh time.
Ether traded at $4,313, up 5.80 percent, according to data from CoinDesk.