Cryptocurrencies have started to make the world dance to its tunes and Thailand just joined in. The crypto take-over didn’t spare anyone. While a few countries still remain hesitant towards the acceptance of crypto, the industry had managed to lure in an array of others. Thailand decided to further elevate its presence in the crypto-verse through its tourism authority.
The crypto industry has paved the way for the emergence of numerous coins and tokens. Governments across the globe seemed to like the idea of cryptocurrencies and hence decided to digitize their existing fiat and call it central bank-issued digital currencies [CBDC]. However, the Thai government took a leap and revealed that the Tourism Authority of Thailand aka TAT was thinking about formulating a utility token.
With Thailand known for its tourism, the pandemic caused immense loss to the country. The latest initiative could further boost the overall growth of the nation.
Thailand’s TAT utility token
The tourism authority reportedly intends to roll out the TAT coin and the idea is currently presented to the Stock Exchange of the country. The Bangkok Post noted that the emergence of this coin would be possible only after it undergoes the stringent regulatory system of the Thai financial watchdogs.
With the launch of this token TAT wants to transfer value while eliminating speculative trading. The functions of the coin would be limited to transferring vouchers into digital tokens. This process would introduce increased liquidity to the operators.
Emphasizing the emergence and impact of cryptocurrencies, the governor of TAT, Yuthasak Supasorn, noted that the agency would be making use of crypto in order to boost the competitiveness of the tourism supply chain. The latest initiative was reportedly a short-term plan to lure in travelers.
Additionally, the tourism authority’s long-term plan with regard to the TAT coin is to join hands with the crypto exchange, Bitkub, and further elevate its tourism field.
TAT’s Governor, Supasorn added,
“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.”