Thailand’s Tourism Authority plans to launch its own token

Thailand’s Tourism Authority (TAT) has floated the idea of launching a utility token, TAT Coin, aiming to capitalise on the growth in cryptocurrency ownership. The Bangkok Post reports.

Yutasak Supasorn, the head of TAT, explained that the solution’s possibilities include converting vouchers into digital tokens, which would give tour operators greater liquidity. TAT Coin is not intended for trading.

The official clarified that the agency is currently discussing the possibility of introducing the digital asset with the Securities and Exchange Commission. As a state body, TAT must also discuss with the relevant authorities whether it has the authority to issue such a token.

According to the head of TAT, the organisation is seeking to use innovative technologies, including cryptocurrencies, to revive the tourism sector after the pandemic, attract travellers and boost tourism revenue.

“We must build digital infrastructure and raise the literacy of our operators to begin crypto-tourism, as the traditional business model may not keep pace with changes,” said Supasorn.

In the long term, TAT hopes to create, in partnership with the local crypto exchange Bitkub, a tourism platform featuring TAT Coin and possibly non-fungible tokens. However, the latter asset class is not yet legalised in the country.

Thailand implemented cryptocurrency regulation as far back as 2018. In the same year, the central bank also authorised financial institutions in the country to buy and sell cryptocurrency after obtaining the regulator’s permission.

Earlier, TAT outlined the idea of attracting wealthy Bitcoin holders to the country as high-income tourists.

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