Thailand's tourism body is planning to launch a digital token to make the most of the growing interest from the sector in cryptocurrencies. The Tourism Authority of Thailand (TAT) has been looking into launching its own utility token called TAT Coin for a couple of months now as part of a planned "cryptourism" campaign — a campaign that is expected to run parallel to traditional marketing to attract new nano entrepreneurs. TAT has been in discussions with the Thailand Stock Exchange regarding the issuance of TAT Coin and is now awaiting the green light from the Thai government.
As per a report by Bangkok Post, Topp Jirayut Srupsrisopa, the CEO of homegrown cryptocurrency exchange platform Bitkub, addressed a meeting earlier this month where he urged the government to give TAT Coin a green light. Srupsrisopa disclosed that the private cryptocurrency industry in the country is willing to give the TAT Coin the necessary support. He, however, said that for that to happen, the government has to set up policies required to promote access to the cryptocurrency market.
He went on to state that he expects the Thai GDP to grow by over 600 percent if the government gives the cryptocurrency market the support it needs.
Thailand happens to be one of the most visited countries globally making its tourism sector responsible for nearly 20 percent of the total GDP, in a pre-pandemic world. Moreover, many prefer to live there and work remotely due to its tropical climate, sandy beaches, and relatively low cost of living. According to Srupsrisopa, cryptocurrency holders could transform Thailand's economy if they settle in the country.
Yuthasak Supasorn, governor of the Tourism Authority of Thailand, told Bangkok Post in September that TAT was discussing the coin with the country's Securities and Exchange Commission, which supervises capital markets.
"We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence crypto-tourism, as the traditional business model might not be able to keep up with the new changes," Yuthasak told the local newspaper back then.
While the TAT Coin appears on course for a launch, the country's public sector doesn't seem very happy about the development. As per a report by CoinTelegraph from July 2021, the Bank of Thailand (BOT) has warned against using digital currencies in serving as payments for goods and services within the country.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts. Affiliate links may be automatically generated - see our ethics statement for details.