In an effort to capitalize on the growing popularity of cryptocurrencies and research new ways to heal the tourism industry after the pandemic, the Tourism Authority of Thailand decided to launch a utility token dubbed TAT Coin to attract crypto holders to the country.
Thailand helps tourism operators with Tat Coin
TAT Coin would work as a digital token to enable the transfer of travel documents and help operators earn more cash. However, according to the current initial concept, the token should not be used for trading.
Utility tokens are a solution when a business wants to create a coupon that can be redeemed in the future for access to its services or products; in that case, travelers will be able to use the previously purchased TAT coin to enjoy tourist services that the country offers.
Highlight the potential of technologies such as cryptocurrencies and their continued development, Yuthasak Supasorn, Governor of the Tourism Authority of Thailand, said the introduction of the TAT token will encourage cryptocurrency holders and increase the competitiveness of Thailand’s tourism industry.
He further told the Bangkok Post:
“We need to prepare the digital infrastructure and digital literacy for our tourism operators to start crypto tourism, as the traditional business model might not be able to keep up with the new changes.”
The idea for the TAT piece is still under study. as the Tourism Authority will now need to review compliance with current crypto laws, especially after the Thailand’s Securities and Exchanges Commission banned NFTs and even parts of the country in June for lack of substance and purpose.
TAT coin encourages crypto-tourism in the country
The initiative aims to promote The new crypto-tourism in Thailand and achieve both short-term goals, such as increasing revenue by attracting potential visitors, and long-term goals by teaming up with the popular local cryptocurrency exchange Bitkub and the development of a platform for tourists that includes the TAT token.
Another project with the same objective has also been proposed: offer BTC debit card services at airports to facilitate alternative payment options for “cryptocurrency nomads”, without having to pay high fees at ATMs or exchange offices.
To strengthen the strategy, the Bank of Thailand (BOT) has prepared guidelines for the development and testing of a retail central bank digital currency (CBDC) that it intends to issue in the second quarter of next year.
Thailand Joins Long List of Countries Seeking Cryptocurrency Adoption to support economic growth in a post-pandemic world, and believes the move will attract tourists from the United States, Japan and Europe, where crypto markets are more developed and accessible.