Thai authorities to consider launching a ‘tourist’ token

The Tourism Authority of Thailand (TAT) will hold further discussions with the country’s Securities and Exchange Commission (SEC) on launching a utility token, TAT Coin, for the development of ‘crypto-tourism’. This was reported by Bangkok Post.

Among the topics discussed as part of the initiative are user protection and combating cybercrime.

It is expected that the ecosystem built on the local Bitkub crypto exchange will give an additional boost to GDP.

According to the platform’s CEO Jirayut Srupsrisopa, crypto investors can work remotely and earn income using blockchain technology. Thailand, for such ‘nano-entrepreneurs’, could become a livable location with ‘vivid travel experiences’.

“The private sector is ready to provide the infrastructure. The government simply needs to press the button, enacting laws or regulations. National GDP could rise sixfold if we can strengthen this market,”, said the top executive.

According to the head of the TAT, Yuthasak Suphasorn, ‘crypto-tourism’ could support the recovery of the tourism sector after the pandemic, which has struggled to attract funding from traditional sources.

TAT Coin would allow money to flow directly to tour operators, bypassing intermediaries. The agency could serve as a guarantor, issuing the token and enlisting partner Hotels to allocate room quotas in exchange for TAT Coin.

Earlier, the Tourism Authority of Thailand reported plans to issue its own token in September.

Earlier, the agency floated the idea of attracting wealthy bitcoin holders to the country as high-income tourists.

Follow ForkLog news on Twitter!