Thailand’s Tourism Authority (TAT) is considering launching its own utility coin, the proposed TAT Coin will enable tourism operators to cash in on the popularity of cryptocurrencies.
The idea to launch TAT currency, which is named after the agency’s initials, will have to navigate Thailand’s complex legal framework and regulations before becoming a reality.
The Bangkok Post reported today that the TAT is in talks with the Stock Exchange of Thailand about its goals and how to achieve value transfer without introducing speculative features of trading.
According to the study, TAT coin “would include the transfer of vouchers into digital tokens, which might help operators obtain greater liquidity.”
TAT Governor Yuthasak Supasorn stated that he values the potential that technologies such as cryptocurrencies have to offer and feels that luring bitcoin holders is a fantastic chance for the Thai tourism industry to increase competitiveness in the short term:
“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 goals include collaborating with the local Bitkub exchange to create a tourist platform that uses the TAT coin as well as possible non-fungible tokens.
NFTs are not yet allowed in Thailand, despite the fact that it was one of the first countries in Southeast Asia to pass cryptocurrency laws.
The Thai government stated on Monday that from November 1 onwards, vaccinated travellers will be exempt from quarantine in Bangkok and nine other provinces, in the hopes of reviving the economy, which has been one of the slowest in East Asia and the Pacific to recover from the pandemic.
“Due to the delay in foreign visitor returns, the Thai economy will likely take longer to recover,” said Kiatipong Ariyapruchya, senior country economist for Thailand at the World Bank.
On Tuesday, the World Bank released a report that further reduced Thailand’s economic growth prediction for 2021, lowering it to 1%.
Crypto assets, according to Cointelegraph, provide an alternate method for transforming government services and promoting economic growth in the region.
