According to local media, The time is approaching to boost gross domestic product (GDP) in Thailand by targeting the nomads of digital cryptocurrencies.
The Tourism Authority of Thailand (TAT) has been studying the launch of its own utility token, called TAT Coin, since September as part of a planned “crypto tourism” campaign. The initiative aims to attract crypto-rich digital nomads and TAT has held discussions with the Thai Stock Exchange about the issuance of TAT Coin.
According to a Nov. 24 report from the Bangkok Post, The infrastructure that supports the TAT Coin is “ready” to go live and now awaits the green light from the Thai government.
In his speech at the conference “Transforming tourism with cryptotourism” on Tuesday, Jirayut Srupsrisopa, founder and CEO of local crypto exchange Bitkub, urged policy makers to approve the launch of TAT Coin:
“The private sectors are poised to provide digital infrastructure, but we are just waiting for the government to push the button by enacting laws, regulations or even policies that help facilitate digital asset markets.”
“Our national GDP could grow six times if we can strengthen this market“he added.
According to the Bangkok Post, TAT Governor Yuthasak Supasorn explained that the crypto tourism campaign consists of “building a new tourism ecosystem that uses digital technologies to allow wealthy populations, including cryptocurrency holders, to channel their money directly to tour operators without agents or intermediaries.”
Supasorn said that The measure would greatly help the recovery of local companies that have been affected by the lack of tourist capital that flows into the country due to the global pandemic.. Al Jazeera reported this week that Thailand received a total of 106,117 tourists in the first 10 months of 2021, a small fraction of the annual average of 40 million people before the pandemic.
Although the private sector seems willing to support this campaign, Supasorn warned that there is still much work to be done within the government to prepare for the deployment of such an ambitious initiative focused on digital currencies.
“Due to TAT’s status as a state-owned company, there are many regulatory issues that we must discuss with related parties prior to implementation. And we must also prepare other preventive measures against cybercrime and the protection of customers, “he said.
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