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To Tackle Covid-19 Economy Impact, Thailand to Establish a Crypto-Friendly Touristic Hotspot

Photo by Evan Krause on Unsplash

March 01, 2021

  1. Thailand to Establish a Crypto-Friendly Touristic Hotspot
  2. Russia Advanced Bill to Recognize Cryptocurrencies as Property 
  3. 177-year-old Swiss Bank Enabled Cryptocurrencies Trading Within its Services
  4. Microstrategy Buys $1 Billion More Bitcoin. Hodling a Total of Over 90,000 BTC

Thailand to Establish a Crypto-Friendly Touristic Hotspot

Photo by Florian Wehde on Unsplash

The maneuver is made in light of the pandemic that has taken a toll on Thailand’s tourism industry, basing on cryptocurrency prices’ success over the last few years.

According to the Bangkok Post, Thailand’s Tourism Authority (TAT) aims to be the first country to invite cryptocurrency investors by concentrating on Japanese tourists in the early stages.

The TAT decided that such a target should be Japanese crypto-asset holders after consulting with the Technology Promotion Association (Thailand-Japan).

TAT Governor Yuthasak Supasorn lauded the cryptocurrency industry for being compatible with Thailand’s aspirations to fuel tourism in the post-pandemic period.

Supasorn stated,

“If we can prepare the country for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations.”

Source | Bitcoin.com

Russia Advanced Bill to Recognize Cryptocurrencies as Property 

Photo by Tierra Mallorca on Unsplash

The proposed legislation would offer legal security for cryptocurrencies, and depending on the amount, the income generated from them would be taxable.

RIA Novosti reported,

“The bill proposes to recognize digital currency as property for the application of the tax code. As Prime Minister Mikhail Mishustin explained earlier, this will allow the owner of the cryptocurrency to count on legal protection and defend his rights in court.”

When Prime Minister Mishustin outlined initiatives to control cryptocurrency control, to tackle the coronavirus pandemic’s spread in November, he stated the Russian government’s intentions to recognise cryptocurrencies as land.

Prime Minister Mishustin further outlined that the Russian government intended to tackle the coronavirus pandemic’s impact on its country.

Source | Bitcoin.com

177-year-old Swiss Bank Enabled Cryptocurrencies Trading Within its Services

Photo by David Norman on Unsplash

Bordier & Cie SCmA partnered with Sygnum Bank, one of the first Swiss crypto banks, to add bitcoin and other cryptos to its services list. The Sygnum Bank will support the infrastructure management behind the crypto’s offering. 

The Swiss bank, which was established in 1844, reported a rise in customer demand compelled them to incorporate cryptocurrencies in their offerings.

Bordier’s clients would be able to purchase, sell, and hold cryptocurrencies such as bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH), and tezos through the new service (XTZ). Swiss Bank intends to go beyond its current crypto facilities.

Swiss Bank reported,

“In a portfolio context, cryptocurrencies’ high-growth and low-correlation to traditional assets makes them a powerful tool to enhance diversification and achieve superior risk-adjusted returns. Bitcoin, in particular, which many see as the new “digital gold” due to its ability to hedge against inflationary pressure, has seen strong institutional adoption as an alternative investment.”

Source | Bitcoin.com

Microstrategy Buys $1 Billion More Bitcoin, Hodling a Total of Over 90,000 BTC

Photo by Dmitry Demidko on Unsplash

The CEO confirmed that Microstrategy’s two strategic objectives of expanding its enterprise analytics software business and “acquiring and holding bitcoin” will be its focus.

As of February 24, 2021, Microstrategy is hodling an aggregate of 90,531 bitcoins at an estimated purchase price of $2.17 Billion, $23,985 per Bitcoin, including transaction fees related expenses.

Microstrategy’s announcement added that the amount of bitcoin owned by Microstrategy reaffirms the company’s “belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value,”.

Source | Bitcoin.com

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