Tourism Authority of Thailand considers creation of utility tokens

Thailand is one of the world’s top travel destinations. The number of international arrivals per year has grown steadily to reach millions, as has revenues from this sector. The Tourism Authority of Thailand (TAT), an agency of the Ministry of Tourism and Sports, is turning to technology and taking advantage of the growing popularity of digital currencies by creating its own utility token.

The Thai economy has been impacted by the pandemic and the government is looking for possible innovations to cushion the economic situation. Hoping to jumpstart the economy, which has been one of the slowest in East Asia and the Pacific, the Thai government recently announced that it will lift the quarantine for vaccinated travelers in Bangkok and the rest of the world. nine other provinces from November 1.

Kiattipong Ariapruchya, the World Bank’s senior economist for Thailand, was quoted by media as saying, “The Thai economy will likely take longer to recover due to the delay in the return of foreign tourists.

Interestingly, Thailand is one of the first countries in Southeast Asia to pass digital currency legislation; however, non-fungible tokens (NFTs) are not yet legal.

Cryptourism in Thailand

TAT Governor Yuthasak Supasorn said, “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 ones. changes.

Noting the potential that digital currencies have to offer, Yuthasak said there is an opportunity to boost Thailand’s tourism industry. The TAT has ambitions to partner with the local digital currency exchange, Bitkub, to develop a tourism platform featuring the TAT Coin and possibly non-fungible tokens.

The TAT is also in talks with the Thailand Stock Exchange regarding its plans to introduce the TAT coin and how the value transfer can be done without introducing the speculative aspects of trading.

The TAT coin would involve the transfer of vouchers into digital tokens that could help traders make more money, officials said.

The TAT plans to develop an atmosphere of cryptourism by offering a bitcoin debit card at airports that digital currency nomads can use on their travels without paying additional fees at an ATM or currency exchange.

The workstation trend is also benefiting long-tenured digital currency nomads who have the ability to work anywhere and are seen as big spenders for the tourism industry. However, the TAT coin launch plan will have to navigate Thailand’s complex legal framework and regulations before it comes to life.

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