The Tourism Authority of Thailand (TAT) is considering creating its own tool token to take advantage of the growing popularity of cryptocurrencies.
Named after the agency’s acronym, the launch plan for TAT coins must go through Thailand’s complex legal framework and regulations before it emerges.
Today’s Bangkok Post reported that TAT is in talks with the Thailand Stock Exchange regarding the ambitions and how a value transfer can be achieved without introducing speculative aspects in the trade.
According to the report, the TAT coin will “include the conversion of coupons into digital tokens that can help operators get more liquidity.”
Yutasak Supasorn, Governor of TAT, said he appreciates the potential that technologies such as cryptocurrency have to offer and believes this is a great opportunity for the Thai tourism industry to become more competitive in the short term by attracting cryptocurrency holders:
“We need to prepare the digital infrastructure and digital literacy of our travel operators to launch cryptocurrency policies, as the traditional business model may not keep pace with new changes.”
TAT’s long-term ambition is that it will collaborate with the local stock exchange Bitkub to develop a travel platform with TAT and possibly non-fungal tokens. Although Thailand is one of the first countries in Southeast Asia to have adopted cryptocurrency laws, the NFT has not yet become legal.
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On Monday, the Thai government announced it would lift quarantines for vaccinated travelers in Bangkok and nine other provinces with effect from November 1, hoping to revive an economy recovering from one of the slowest in East Asia and the Pacific. from the epidemic.
“It is likely that the Thai economy will take longer to recover due to the delay in the return of foreign tourists,” said Kiatipong Ariyapruchya, the World Bank’s chief economist for Thailand.
The World Bank released a report on Tuesday that further downgraded Thailand’s forecast for economic growth in 2021 to one percent.
Crypto-assets offer an alternative solution to transform public services and accelerate economic growth in the region, reports Cointelegraph.