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Government To Consider Accepting Crypto From Russian Tourists

Published: March 10, 2022 at 5:02 pm

thailand accept crypto russian tourists

Thailand consider accepting cryptocurrency payments from Russian tourists in order to keep the tourism industry afloat amid the continuing conflict between Russia and Ukraine.  The Bank of Thailand and Phuket Tourist Association are looking for payment alternatives for Russian tourists.

Thailand is a favorite destination for Russian tourists. Around 4,000 Russian tourists are still in Phuket.  Where there are at least 300 Ukrainian tourists are currently on the island. With cash reserves depleted after Visa and Mastercard decided to prohibit the use of Russian-issued cards, Thailand’s tourism industry is considering cryptocurrency as an alternative payment option.

Bhummikitti Ruktaengam, president of the Phuket Tourist Association, proposed that businesses in the country must consider using the Russian card payment system Mir. Mir was created soon after Russia’s takeover of Crimea in 2014 when cards were blocked.  Others recommend using Unionpay, a Chinese payment system, in order to bypass sanctions imposed by the West.

Thailand has been promoting tourism as a means of attracting crypto-related companies. Tourism Authority of Thailand disclosed in November 2021 that it will target “newly minted crypto millionaires” in order to restore the ailing tourism industry due to the COVID-19 pandemic.

Lawmakers in the country eased tax laws on digital assets for traders and investors earlier this week amidst demand in the crypto market in Asia. The finance ministry said that it has decided to create guidelines encouraging cryptocurrency investment in response to an increase in cryptocurrency trading.

The decision comes after the Thai finance minister announced his plan to remove 15% capital gains tax on cryptocurrencies.  Finance Minister Arkhom Termpittayapaisith added that cryptocurrency traders doing transactions on authorized exchanges set by the government would be free from the 7% value-added tax.

Source: BeInCrypto

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