TAT governor says new token will promote digital literacy among tourism operators to enable cryptourism in Thailand
In a bid to capitalise on the increasing popularity of cryptocurrencies, the Tourism Authority of Thailand (TAT) has decided to launch a utility token dubbed TAT to enable the transfer of vouchers into digital tokens and provide operators with a greater level of liquidity. The initiative is the latest in a long list of countries looking to adopt cryptocurrencies in order to promote economic growth in a post-pandemic world.
The authorities envision the token will be equipped with the benefits offered by crypto and provide a means of transfer of value without the risks of a speculative asset. They are currently in conversation with the Stock Exchange of Thailand regarding the matter, local news provider The Bangkok Post reported.
However, even after the initial decision on an approach is made, TAT has to navigate the regulatory requirements and the complex crypto laws of Thailand before being launched.
Highlighting the potential of technologies like cryptocurrencies, Yuthasak Supasorn, the governor of the Tourism Authority of Thailand stated that the introduction of the TAT token will incentivise crypto holders and increase the competitiveness of the Thailand tourist industry.
He added that the long-term goal for the coin is to partner with popular local crypto exchange Bitkub and develop a platform for tourists that features the TAT token. The authority is also considering potentially focusing on non-fungible tokens (NFTs) via such a platform to generate demand from the crypto market.
"We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes," the governor said.
The move is expected to attract tourists from countries with thriving crypto markets including the United States, China, Japan, South Korea and Europe. With the global market for cryptocurrency standing at more than three times the GDP of Thailand, it is no surprise that TAT chooses to boost cryptourism to stimulate growth in its pandemic-hit tourism industry.