The Tourism Authority of Thailand (TAT) pioneered the idea of launching its own utility token – the TAT Coin – to capitalize on a growing market of cryptocurrency holders, but must first consider regulations and viability. relevant before you start.
TAT Governor Yuthasak Supasorn said TAT is currently in talks with the Thailand Stock Exchange regarding the possibility of introducing TAT Coin, which would involve the transfer of vouchers into digital tokens that could help traders earn more. cash. However, the token could not be speculated for trading purposes.
In addition, the TAT, which is a state agency, should further discuss the matter with the relevant organizations to find out whether or not it is authorized to issue this type of digital token.
Mr Yuthasak said technology, including cryptocurrency, is changing the world, so the TAT had to seize the opportunity to improve the competitiveness of the tourism supply chain which suffered from the pandemic with a short-term plan to attract potential travelers to accelerate tourism revenue.
The largest cryptocurrency-holding countries in the world are China, Japan, South Korea, the United States as well as Europe, while countries with a high level of currency volatility like Venezuela, l Argentina and Nigeria also have growing cryptocurrency markets.
“We need to prepare digital infrastructure and digital literacy for our tourism operators to start cryptourism, as the traditional business model might not be able to keep up with the new changes,” Yuthasak said.
As a long-term plan, the TAT aims to develop the country’s tourism platform, covering both business and leisure tourism, with Bitkub, a local cryptocurrency exchange, featuring the TAT Coin or other type of cryptocurrency such as non-fungible tokens (NFTs) to drive demand in the crypto market.
NFTs, which represent ownership of a single object by merging the digital economy and the real world, can be used to increase traffic in specific tourist areas, but this digital asset is not yet legal in Thailand.
Currently, the global cryptocurrency market capitalization stands at $ 2 trillion, which is four times the GDP of Thailand, up from $ 800 billion four years ago, which represents the industry at the fastest growing, according to Jirayut Srupsrisopa, managing director of Bitkub Capital Group Holdings.
The workstation trend is also benefiting long-term crypto-nomads who can work from anywhere and are seen as big spenders on the tourism industry.
The TAT can begin to develop an atmosphere of cryptourism by offering a bitcoin debit card at airports that crypto-nomads can use on their travels without paying additional fees at an ATM or currency exchange.