Tourism Authority Of Thailand Plans To Develop Its Own Utility Token

TAT – The Tourism Authority of Thailand has started considering the development of its own utility token, leveraging the growth in the popularity of digital assets.

The plan to develop the TAT token (named after the agency) will have to navigate through the overwhelming regulations and legal framework in Thailand before becoming a reality.

It was reported by Bangkok Post on Wednesday that the TAT has begun discussion with the Stock Exchange of Thailand on its intentions and how value transfer can be done without the introduction of speculative trading.

According to the report, the TAT Coin will involve transferring vouchers to digital tokens that will help its operators to gain greater liquidity.

The governor of the Tourism Authority of Thailand, Yuthasak Supasorn, said he placed so much value on the potential embedded in technologies like crypto, and they have to offer. He believes that it is a huge opportunity for the government tourism agency to increase its competitive advantage by attracting crypto holders.

He said: “We have digital literacy and infrastructure prepared for our foreign tour operators in a bid to commence CRYPTOURISM as it is obvious that the traditional model of business will not catch up with the new changes soon.”

The long-term ambition of TAT is to partner with a local exchange, Bitkub, in developing a tourism platform that will feature the TAT Coin and a non-fungible token if possible. Although the country is among the pioneers in the Southeast Asian region to enact the crypto legislation, non-fungible tokens are not legal yet.

The government of Thailand announced on Monday that it would waive the quarantine procedures for vaccinated travelers coming into Bangkok and other nine listed provinces starting November 1 as the government is looking to revive the dying economy, which has been one of the slowest in the region and the Pacific in terms of COVID-19 pandemic recovery.

A Senior Economist for Thailand in the World Bank, Kiatipong Ariyapruchya, said: “The country’s economy will most likely require more time to recover from the effect of the pandemic owing to the delay on tourist return.”

On Tuesday, the World Bank released a report that further states the economic growth forecast of Thailand, which brings it to 1%.

It was reported earlier that economic growth promotion and government services transformation answers to crypto assets.