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The Tourism Authority of Thailand (TAT) is proposing developing its own utility token in order to benefit on the rising popularity of cryptocurrencies. TAT Coin, named after the agency’s acronym, will have to navigate Thailand’s complicated legal mechanism and requirements before it can be implemented.
The Bangkok Post reported on Wednesday that the TAT is in talks with the Thai Stock Exchange about its aspirations and how to transfer wealth without introducing speculative features of trade. TAT Coin “would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity,” according to the report.
TAT Governor Yuthasak Supasorn stated that he values the potential that technologies such as cryptocurrencies have to offer and feels it is a good opportunity for the Thai tourism sector to increase competitiveness in the short term by luring cryptocurrency recipients: “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.”
Long-term plans call for the TAT to collaborate with the local Bitkub exchange to create a tourist platform based on TAT Coin and maybe nonfungible tokens (NFT). Despite the fact that Thailand was one of the first countries in Southeast Asia to pass cryptocurrency legislation, NFTs are not yet allowed.