The Tourism Authority of Thailand plans to create the TAT coin, a utility token. The approval of the relevant organizations would be required for the state agency to implement the TAT coin in the country’s banking network.
Thailand Can Return Tourists to Crypto
Bangkok Post recently reported that the Tourism Authority of Thailand intends to attract cryptocurrency investors to the country through the launch of its own utility token. The TAT coin, named after the entity, would allow the transfer vouchers and increase liquidity for tour operators.
Mr. Yuthasak, Governor of the TAT, praised cryptocurrency as an asset that was “changing the world.” The state agency had to join the fray and try to save the country from the negative effects of the COVID-19 epidemic. Thailand is a country that is visited the most by tourists around the world. The potential cryptocurrency initiative could help to attract even more visitors.
Yuthasak, however, noted that this initiative requires good preparation in order to succeed. Tourism workers would need to be more familiar with digital assets.
“We need to prepare digital infrastructure for our tourists operators in order to begin cryptourism because the traditional business model may not be able keep up with the changes.”
The TAT coin would be launched only if the regulators approve it. It may not have the authority to issue such a digital token.
Thailand’s other crypto plans
The organization is also considering other crypto initiatives that could boost the country’s tourism.
It plans to partner with Bitkub, a local trading platform. To meet the increasing demand for cryptocurrency services, the latter will include the TAT coin and other digital assets such as non-fungible tokens. NFTs are legal in Thailand, but they can be very beneficial to the tourism industry.
The agency may also offer a bitcoin debit card at airports to attract more tourists. They would be available to crypto owners during their travels in the “Land of the Smiles”, without having to pay an extra fee at the ATMs or money exchanges.
Noting the fact that the current pandemic has had a significant impact on the lives of large swathes of the world’s population, it is important to note. Many people can work remotely from anywhere in the world today. This may sound good for Thailand as many of these individuals are crypto hodlers and can take advantage of the new digital asset opportunities in this Southeast Asian country.
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