The crypto space continues to enjoy new use cases each day. The Tourism Authority of Thailand (TAT) has now stated that it is looking into creating its own utility token. The creation of this token follows the rapid adoption of cryptocurrencies.
The authority has stated that the utility token will be named TAT coin, which is the agency’s acronym. However, for the coin to be launched, it needs to overcome Thailand’s complex legal and regulatory framework.
In Discussions with the Thailand Stock Exchange
A publication by the Bangkok Post stated that the tourism authority was still in discussions with the Thailand Stock Exchange over the objectives of the coin. Some of the details that will be addressed during these discussions are how value can be transferred using this coin while failing to consider the speculative aspects of crypto trading.
The publication also stated that the TAT coin will “involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity.”
The governor of the Tourism Authority, Yuthasak Supasorn, stated that one of the reasons behind deploying this technology is because the authority valued the potential of innovative technologies such as cryptocurrencies. It further noted that exploring this sector will enhance competitiveness in the tourism sector.
“We have to prepare digital infrastructure and digital literacy for our tourism operators to commence cryptourism as the traditional business model might not be able to keep up with the new changes,” he added.
Partner with Bitkub Exchange
To make this partnership possible, TAT will be collaborating with Bitkub, a local cryptocurrency exchange. The partnership will create a platform that will feature the TAT coin and provide access to non-fungible tokens. However, despite this objective, NFTs are yet to be legalized in Thailand.
The Thailand government has been working towards creating fair regulatory frameworks. The government is currently battling with ways of reviving the economy after the effects caused by the pandemic. The government recently waived the quarantine requirements of vaccinated travellers to boost economic recovery.
The senior country economist of the World Bank for Thailand spoke of this economic crisis stating that “The Thai economy will likely require a longer time to rebound owing to delay in foreign tourist return.” On Monday, the World Bank stated that Thailand’s economic growth forecast sits at 1%, significantly lower than earlier projections. One of the sectors that could aid in economic recovery is the crypto sector.
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