According to local media reports, pressure in Thailand to boost GDP by targeting crypto-digital nomads is close to being investigated.
Tourism Authority of Thailand (TAT) has launched its own utility token called TAT Coin since September as part of a planned “crypto tourism” campaign. The initiative aims to attract crypto-rich digital nomads, and TAT is in talks with the Exchange of Thailand to issue TAT Coin.
According to the Bangkok Post on November 24, the infrastructure behind TAT coin is “ready” for use and is now awaiting the green light from the Thai government.
Jirayut Srupsrisopa, founder and CEO of local cryptocurrency exchange Bitkub, spoke at the “Transforming Tourism with Cryptourism” conference on Tuesday, urging policy makers to agree to the TAT Coin rollout:
“The private sector is ready to provide digital infrastructure, but we are just waiting for the government to press the button and pass laws, regulations or even guidelines that will help facilitate the digital asset markets.”
“Our national GDP can grow sixfold if we can strengthen this market,” he added.
As reported by the Bangkok Post, TAT Governor Yutasak Supasorn explained that the crypto-tourism campaign consists of “creating a new travel ecosystem that uses digital technology to allow the wealthy, including cryptocurrency holders, to funnel their money directly to travel operators without agents or brokers. … ”
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Sopasorn said the move would go a long way towards rebuilding local businesses affected by the lack of tourism capital in the country due to the global pandemic. Al Jazeera reported this week that a total of 106,117 tourists visited Thailand in the first 10 months of 2021, a small part of the annual average of 40 million before the pandemic.
While the private sector appears ready to support the campaign, Sopasorn warned that the government still has a lot of work to do to prepare for such an ambitious digital currency-focused initiative.
Due to the fact that TAT is a state-owned enterprise, there are many regulatory issues that we need to discuss with relevant parties prior to implementation. He said there are also other safeguards against cybercrime and customer protection that we need to prepare for.