In a move to capitalize on the growing popularity of cryptocurrencies and look for new ways to heal the tourism sector after the pandemic, the Tourism Authority of Thailand has decided to launch a utility token dubbed TAT Coin to attract crypto holders to the country.
Thailand helps tourism operators with Tat Coin
TAT Coin would function as a digital token to enable the transfer of travel vouchers and help operators gain more liquidity. However, according to the current initial concept, the token is not expected to be used for trading.
Utility tokens are a solution when a company wants to create a coupon that can be exchanged in the future for access to its services or products; in this case, travellers will be able to use the previously purchased TAT Coin to take advantage of the tourism services that the country offers.
Highlighting the potential of technologies such as cryptocurrencies and their continued development, Yuthasak Supasorn, the governor of the Tourism Authority of Thailand, said that the introduction of the TAT token will encourage cryptocurrency holders and increase the competitiveness of Thailand’s tourism industry.
He further told the Bangkok Post:
“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence crypto tourism as the traditional business model might not be able to keep up with the new changes”.
The idea of the TAT coin is still under consideration as the Tourism Authority will now have to examine compliance with current crypto laws especially after the Thai Securities and Exchanges Commission banned NFTs and meme coins from the country in June for lack of substance and purpose.
TAT coin encourages crypto tourism in the country
The initiative aims to promote Thailand’s new crypto-tourism and achieve both short-term goals, such as increasing revenue by attracting potential visitors, and long-term goals by partnering with popular local cryptocurrency exchange Bitkub and developing a platform for tourists that includes the TAT token.
Another project with the same aim has also been proposed: offering BTC debit card services at airports to facilitate alternative payment options for “cryptocurrency nomads”, without having to pay high fees at ATMs or exchange shops.
To reinforce the strategy, the Bank of Thailand (BOT) has prepared guidelines for the development and testing of a retail central bank digital currency (CBDC) that it intends to issue in the second quarter of next year.
Thailand joins a long list of countries looking to adopt cryptocurrencies to support economic growth in a post-pandemic world, and believes the move will attract tourists from the US, Japan and Europe where crypto markets are more developed and accessible.