The Tourism Authority of Thailand (TAT) is mulling over launching its own utility cryptocurrency in order to make the Kingdom more appealing to tourists and crypto investors. The TAT Coin has been floated by Thailand’s tourism board which aims to capitalize on many crypto holders and investors. The agency is currently in discussions with the Stock Exchange of Thailand regarding the digital token, which would be used in conjunction with vouchers, but would not be tradable, according to reports.
The tourism agency would also need to obtain permission and regulatory approval from the SEC.
The state-backed tourism agency would also need to obtain permission and regulatory approval from the country’s Securities and Exchange Commission which has previously shown reluctance in issuing licenses for crypto operators. TAT Governor, Yuthasak Supasorn, said that fintech and cryptocurrency are changing the world, and Thailand needs to keep up. “We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence ‘cryptourism’ as the traditional business model might not be able to keep up with the new changes.”
Thailand aims to become a global crypto hub.
The agency has big plans for turning Thailand into a global crypto hub, but financial regulators are still wary of digital assets. The TAT may start developing its “cryptourism” by offering a bitcoin debit card at airports which “crypto nomads” can use during their trips. At the moment this remains just a concept, as does the TAT Coin. The Thailand agency had previously claimed that up to 40 million tourists visited the island per year before the pandemic struck. Today, that number has dwindled to a few thousand as the country remains under curfew, full lockdown, and is largely closed to tourists who need to go through strict and expensive quarantine procedures.