Thailand’s tourist board is considering launching a digital token to capitalize on the industry’s rising interest in cryptocurrency. For the past few months, the Tourism Authority of Thailand (TAT) has been considering establishing its own utility token, TAT Coin, as part of a planned “cryptourism” drive to attract new nano entrepreneurs. TAT has been in talks with the Thailand Stock Exchange about issuing TAT Coin, and the Thai government has given its approval.
Topp Jirayut Srupsrisopa, the CEO of local cryptocurrency trading platform Bitkub, spoke at a meeting earlier this month, urging the government to approve TAT Coin, according to Bangkok Post. The country’s private cryptocurrency business, according to Srupsrisopa, is eager to support the TAT Coin. However, he stated that in order for this to happen, the government must establish rules that favor bitcoin market access.
He went on to say that if the government provides the cryptocurrency market with the necessary assistance, the Thai GDP will expand by over 600 percent.
In a pre-pandemic era, Thailand was one of the most visited nations in the world, with the tourist sector accounting for approximately 20% of GDP. Because of the tropical environment, beautiful beaches, and relatively inexpensive cost of living, many people want to live there and work remotely. If bitcoin holders settle in Thailand, according to Srupsrisopa, they have the potential to change the country’s economy.
TAT was considering the currency with the country’s Securities and Exchange Commission, which oversees capital markets, according to Yuthasak Supasorn, governor of Thailand’s Tourism Authority.
“In order to begin crypto-tourism, we need to establish digital infrastructure and digital literacy for our tourist businesses,” Yuthasak told the local newspaper at the time.
While the TAT Coin looks to be on track for a debut, the country’s government does not appear to be pleased. The Bank of Thailand (BOT) has advised against utilizing digital currencies as payment for products and services within the country, according to sources.