Thailand's tourism authority plans to issue its own token

Thailand's tourism authority plans to issue its own token

The Tourism Authority of Thailand (TAT) has floated the idea of launching a utility token called TAT Coin, expecting to benefit from the growing number of cryptocurrency holders. This was reported by the Bangkok Post.

TAT head Yutasak Supasorn explained that the solution possibilities include converting vouchers into digital tokens, which will help tour operators gain more liquidity. TAT Coin is not designed for trading.

The official clarified that the department is now discussing the implementation of the digital asset with the Securities and Exchange Commission. As a government organisation, TAT also has to discuss with the relevant agencies whether it is allowed to issue this type of token.

According to the TAT chief, the organisation is trying to take advantage of innovative technologies, including cryptocurrencies, to rebuild the tourism industry after the pandemic, attract travellers and increase tourism revenue.

"We need to prepare the digital infrastructure and improve the literacy of our operators to start crypto-tourism as the traditional business model may not be able to keep up with the changes," Supasorn said.

In the long term, TAT expects to create a tourism platform in partnership with local cryptocurrency exchange Bitkub with TAT Coin and possibly non-exchangeable tokens. However, the latter type of asset has yet to be legalised in the country.

Thailand introduced cryptocurrency regulation back in 2018. At that time, the central bank also allowed the country's financial institutions to buy and sell cryptocurrencies after obtaining regulatory approval.

As a reminder, the TAT earlier voiced the idea of attracting wealthy bitcoin holders to the country as high-income tourists.

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