Tourism Authority of Thailand (TAT) Plans To Create Their Own Utility Token
According to proposed plan to create a ‘TAT Coin’, it enable tourism operators to earn from the popularity of cryptocurrencies.
The Tourism Authority of Thailand (TAT) is looking into launching its own utility token to capitalize on the growing popularity of cryptocurrencies.
Named after the organization’s acronym, the plan to launch TAT coin will have to navigate through Thailand’s complex legal framework and regulations before becoming reality.
According to Bangkok Post report, the TAT is in discussions with the Stock Exchange of Thailand (SET) regarding its plans and how the transfer of value can be achieved without introducing the speculative aspects of trading.
The article said:
“[TAT coin] would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity.”
TAT governor, Yuthasak Supasorn, said that he values the potential that technologies like cryptocurrencies have to offer and believes it is a great opportunity for the Thai tourism industry to boost competitiveness in the short term by attracting cryptocurrency holders:
“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes.”
The TAT’s long term ambitions is to partner Bitkub exchange to develop a tourism platform featuring the TAT coin and possibly non-fungible tokens (NFTs). Although Thailand is among the first countries in Southeast Asia to enact cryptocurrency legislation, NFT is not yet legal.
On Monday, the Thai government announced it would waive quarantine for vaccinated travelers in Bangkok and other nine provinces from November 1 onwards, in hopes to revive the economy, which has been one of the slowest in East Asia and Pacific to recover from the pandemic.
Kiatipong Ariyapruchya, senior country economist of the World Bank for Thailand, commented on return of tourism:
“The Thai economy will likely require a longer time to rebound owing to delay in foreign tourist return”
According to a World Bank report, Thailand’s economic growth forecast in 2021 is slowing down more, bringing it down to one per cent.
Crypto assets would offer an alternative solution to transform government services and promote economic growth in the region.
