Tourism Authority of Thailand considering Creating its own Utility Token TAT Coin

The Tourism Authority of Thailand (TAT) is currently in the process of considering the prospects of creating its own utility token called the TAT coin. The proposed launch of the TAT coin (named after the acronym of Tourism Authority of Thailand) is now navigating through the complex legal framework and regulations of Thailand.

In fact, the Tourism Authority of Thailand has already started discussions with the Stock Exchange of Thailand with respect to its ambitious plans to launch its TAT utility token. TAT’s discussion with the exchange reportedly also underscores the way in which the transfer of value will take place without the introduction of the speculative aspects of trading. Reports say that TAT coin “would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity.”

TAT governor, Yuthasak Supasorn, has said that advanced technologies, including cryptocurrencies, have a lot to provide the tourism industry of Thailand and he values the potential of such technologies. The governor of the Tourism Authority of Thailand, also believes that the introduction of cryptos in the Thailand tourism industry will attract holders of cryptocurrencies and, in turn, will boost competitiveness in the short run.

Yuthasak Supasorn said:

“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.”

Reports point out that the long-term ambitions of TAT coin would enable the Tourism Authority of Thailand to partner with the local Bitkub exchange to develop a tourism platform that will feature their utility token, TAT coin, and possibly NFTs (non fungible tokens). It is important to note that NFTs are still illegal in Thailand despite the fact that it is among the first few countries in Southeast Asia to enact legislation on cryptocurrencies.

The government of Thailand has announced on Monday that from November 1, 2021, they are waiving quarantines for vaccinated travelers in Bangkok and the other 9 provinces in the country. Though the government is upbeat about reviving the economy, senior country economist of the World Bank for Thailand, Kiatipong Ariyapruchya, has said:

“The Thai economy will likely require a longer time to rebound owing to a delay in foreign tourist returns.”

In its latest economic growth forecast for Thailand, the World Bank has slashed the growth forecast of the economy to 1% in 2021. Reports say that the Tourism Authority of Thailand is considering cryptocurrencies and utility tokens so that it can boost the economy in the short run by attracting foreign tourists holding cryptos and other digital assets.

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