To capitalize on the popularity of cryptocurrency, the Tourism Authority of Thailand (TAT), is looking at creating its own utility token.
The TAT coin, named after the acronym of the agency, will need to navigate Thailand’s complicated legal framework and regulations before it can be launched.
Today’s Bangkok Post reported that the TAT was in talks with the Stock Exchange of Thailand about its ambitions and how it can transfer value without trading speculatively.
According to the report, TAT coin would involve the conversion of vouchers into digital tokens which could help operators gain more liquidity.
Yuthasak Subasorn, TAT governor said that he believes in the potential of technologies like cryptocurrency and believes that it offers great opportunities for Thailand’s tourism industry to increase its competitiveness by attracting cryptocurrency owners.
“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.”
Long term goals of the TAT include partnering with Bitkub to create a tourism platform that uses the TAT coin as well as non-fungible tokens. NFTs are still illegal in Thailand, which is one of the first countries to adopt cryptocurrency legislation.
Related: Thailand’s central banks outlines safeguards to ensure a future retail CBDC
The Thai government announced Monday that it would lift quarantine for travelers who have been vaccinated in Bangkok and nine other provinces starting November 1. This is in an effort to revitalize the economy which has been among the most difficult to recover from the pandemic.
According to Kiatipong Ariyapruchya (senior country economist at the World Bank for Thailand), “Thailand’s economy will probably take longer to recover due to delays in foreign tourist returns.”
On Tuesday, the World Bank released a report that further reduced Thailand’s economic growth projections for 2021 to 1%.
Cointelegraph reported that crypto assets are a viable alternative to government services, and can help promote economic growth.