Binance teams up with a Thai billionaire to study cryptocurrency trading...

Binance teams up with a Thai billionaire to study cryptocurrency trading...
Binance teams up with a Thai billionaire to study cryptocurrency trading...
The world’s largest cryptocurrency exchange Binance Holdings has reached an agreement with Thai billionaire Sarath Ratanavady, CEO of Gulf Energy Development, the third largest energy producer in Thailand, to study the exchange of digital assets in the Southeast Asian country.

The Bangkok-based company said the memorandum of understanding with Binance, the world’s largest cryptocurrency exchange by trading volume, is driven by the potential “rapid growth” of Thailand’s digital infrastructure in the coming years, according to a letter to the Stock Exchange of Thailand.

A report published by Bloomberg Agency last November stated that Thailand was planning at the same time to revive the deteriorating tourism sector as a result of the Corona outbreak, through people who recently acquired their fortunes from cryptocurrencies.

According to Bloomberg Agency, Yutasak Supasorn, head of the Thai Tourism Authority, indicated that it is working with the country’s regulators and the local cryptocurrency exchange to accept tokens for cryptocurrencies in travel, explaining that “this move may help Thailand, which depends on tourism, to make up part of the lost revenue. During the pandemic, it is $80 billion.”He said, “Some young people are now rich from owning digital currencies, and they may like to use them in tourism and travel, and if they can use these currencies in Thailand without having to exchange them or face government taxes, they will feel comfortable.”

He added, “Digital currencies shape the future in financial transactions, so we have to make Thai society positive towards it, and we should welcome the owners of digital currency transactions.”

“If Thailand is looking to recover about 80% of its pre-pandemic tourism revenue in 2023, but with half the number of foreign tourist arrivals recorded in 2019, we are able to achieve that by inducing someone like Russell Crowe or a coin owner,” Yuthasek added. encrypted people like Tim Cook to travel here.”

Although Thailand has allowed travelers from more than 60 countries to enter without quarantine, tourism will likely not return to pre-pandemic levels until 2024, Yuthasak said.

He also explained that his country is targeting about one million high-spending tourists in the first quarter of next year, adding that the authority was betting that 10% of cryptocurrency holders would eventually travel to Thailand.

“Cryptocurrency is the future, so we must make Thailand a positive society towards it, and we must welcome this group of distinguished tourists,” Yuthasak concluded.

Thailand, which is famous among tourists for its tropical islands full of pristine beaches and a vibrant nightlife, attracted about 40 million foreign travelers in 2019, who in turn contributed to generating more than $ 60 billion in revenue, but the epidemic caused the country’s borders to be closed for more than a year before reopening them again. Another in front of vaccinated travelers starting last month.

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