The Tourism Authority of Thailand plans to enter the world of digital assets by launching its own tourism-based utility token called TAT Coin. Crypto is often seen as the way of the future, and traders are seen as high-value, high-spending tourists, especially those who work as digital nomads and stay long term.
Discussions are underway with the Securities and Exchange Commission on launching the TAT Coin purely as a voucher scheme to create liquidity for tourism operators, and not as something tradable for the speculative market to avoid. volatility.
But before that can be approved, it needs to be determined whether the TAT has the authority to issue digital assets like cryptocurrency. They hope to gain approval and get a head start on Thailand in the digital tourism market. Crypto could increase competitiveness while attracting lucrative travelers from the get-go. The TAT governor expressed the hope of being at the forefront of the emerging sector.
“We need to prepare digital infrastructure and digital literacy for our tourism operators to start cryptourism [sic] because the traditional business model might not be able to keep up with the new changes.
Even though the TAT Coin is not taking the cryptocurrency world by storm, the TAT plans to use the Thai crypto exchange Bitkub to develop digital demand for tourism. They envisioned non-fungible tokens – one-of-a-kind digital assets – to create unique tourism-related items to entice travelers to explore Thailand.
Interestingly, although NFTs are sold by monks in Thailand, they are not yet fully legal in Thailand. (Neither do digital nomads, who float in a gray area as workers but don’t work in Thailand, although plans are underway to finally welcome and even respond to this lucrative market.)
The cryptocurrency market has grown from US $ 800 billion 4 years ago to US $ 2,000 billion today, making it one of the fastest growing industries. The TAT hopes to move forward with TAT Coins or similar digital assets to capitalize on the growing market.
THE SOURCE: Bangkok Post
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