By Lucas Williams
Policymakers in Thailand are considering the launch of their own digital tokens to accommodate the tourists who visit Thailand every year. The country’s tourism authority is planning to accommodate tourists by using cryptocurrency.
The plans of creating its own Utility Token are very much on the cards for the tourist authority. The planned TAT Coin will boost tourism and allow the authorities to cash in on the rampant popularity of cryptocurrencies. The goal is to capitalize on the popularity of digital tokens.
The proposed Utility token, which is named after the company’s acronym, top leadership is planning the launch of TAT Coin. However, the TAT coin has to go through Thailand’s intense legal framework and regulations before coming to life.
Some of the country’s renowned new resources have already claimed that the TAT is continuously in talks with the Stock Exchange of Thailand regarding its future plans about cryptocurrency. The Utility token would be used as a tool to transfer the vouchers into digital currency. This would also provide the operators with greater liquidity.
Yuthasak Supasorn, governor of TAT, said that as an individual it is time for us to realize the potential of technology, especially of crypto. The opportunities it has provided are unparalleled in the history. Moreover, it is an opportunity for Thailand to develop its sectors with the help of cryptocurrencies.
He also said that it is our responsibility to develop:
“Digital infrastructure and digital literacy for the tourism operations in order to grow. In order to capture the tourism market worldwide Thailand, need to bring new innovations like crypto. Keeping up with the new changes and technological advancement is key for the growth and holding the greater market share in the future.”
Moreover, the development of TAT token is not just related to the development of tourism sector of the country. However, the plans are to integrate the token with the local Bitkub exchange to develop a tourism platform featuring TAT Coin and possibly nonfungible tokens (NFT). Collaboration across the various digital platforms is pretty much in the trend in crypto nowadays.
As of this writing, Thailand is the first country ever in Southeast Asia to develop the regulatory framework regarding the crypto market and abide by it. The fact that tourists can trust Thailand’s local cryptocurrency as the country’s crypto market is tested against the tough regulations.
The current economic conditions show that Thailand will take longer than usual to recover from the current economic situation as relatively less tourists are visiting the country. That’s where cryptocurrency comes in handy.