Murray Head might have sung the song ‘One Night in Bangkok’ as part of the musical Chess, but there are plenty of people who will happily spend much more than a single night in the Thai capital, as well as other tourist centres in the country, such as Phuket and Ko Samui.
Even so, while the country may be one of Asia’s most prominent visitor destinations, there are always ways in which the tourism authorities are seeking to attract more people. The latest big initiative involves making it easier for cryptocurrency investors to spend it there.
As the First Post explains, the idea has been to set up a new exchange, called TouristDigiPay, which enables them to convert their crypto and other digital assets into Bahts, the country’s fiat currency. It will be backed up by a regulatory sandbox.
The system will be in place for 18 months on a trial basis, at the end of which the Thai government will decide whether to continue with it.
Volta Got There First
All this sounds great and perhaps it is, but there is one point that may be overlooked: There are some people who can already turn their crypto into fiat currency in lots of countries, using a Volta Card.
Being able to convert crypto in this way creates a myriad of opportunities to make great use of cryptoassets, so it is no surprise that the Thai government is trying to copy what we can already offer.
“We want to take every action to facilitate foreign tourists for their stays in Thailand,” said finance minister Pichai Chunhavajira, adding: “This new program adds a new innovation to replace overseas visitors’ cash and credit card use here.”
This is not, of course, because Thai businesses don’t like visitors using credit cards. Rather, there is some obvious potential to bolster the tourism market with wealthier visitors.
A Matter Of Demographics?
The average gap-year backpacker in their late teens and early 20s currently makes up a huge part of the Thai tourism market, but they will typically have less disposable income than crypto investors.
As Coinlaw noted recently, research has shown that the biggest age group of crypto investors is the 25-34 range, making up 31 per cent of crypto holdings. Generation Z accounts for only 13 per cent, despite being the most tech-savvy demographic.
Furthermore, the largest regional demographic for Crypto is Asia, with 43 per cent, so this move could be useful for targeting more non-Western tourists from countries such as China, Japan and South Korea.
That may justify the decision from the perspective of the Thai government and tourism sector, especially if it does help attract more higher-income tourists from a wider range of countries.
So, we have to give full marks to the Thai government for this initiative. But, as stated above, the Volta Card already offers this. Indeed, it is precisely why the card was launched in the first place.
Why the Volta Card Was Launched
The very reason the card was launched was because of the problem facing many crypto investors: The assets could be very valuable, but turning this into tangible, liquid wealth that could be traded for goods and services was seldom possible, since only a very narrow range and tiny number of vendors would accept payments this way.
With a Volta Card and Volta Wallet, you can take control by converting crypto into fiat currency, as well as being able to do it the other way round. After all, as crypto investment is so popular in Asia, there may be plenty of people willing to do this with their Thai Bahts.
This conversion means that you can indeed enjoy spending your valuable crypto in Thailand. If you have been successful in your investments, you can reward yourself by enjoying some of the best tourism facilities, a far cry from the backpacker hostels that many will be sleeping in.
However, the power of a Volta Card and wallet to convert between crypto and fiat currencies means it isn’t just Thailand where you will be able to make the most of this facility.
The World’s Your Oyster Every Night
You can travel all over the world and enjoy those same benefits, whereas some crypto users may find that, while they can gain from using TouristDigiPay, the same opportunities are not open to them in many other countries. It also remains to be seen if the Thai government will decide to continue with the system after the 18-month trial concludes.The Murray Head song chorused that “one night in Bangkok and the world’s your oyster”. It was composed and performed long before cryptocurrency was a thing, but even so, this statement is certainly true for Volta Card holders, for whom it also applies when spending a night in a lot of other places as well.