The Tourism Authority of Thailand (TAT) is considering the idea of launching its own cryptocurrency, the TAT coin, but you need to review the procedures first.
TAT Governor Yuthasak Supasorn said that the TAT is currently in discussions with the Thai Stock Exchange regarding the possibility of introducing the TAT currency, which would involve the transfer of coupons to digital tokens that could help traders to get cash, more liquidity.
However, the token cannot be speculated for commercial purposes.
Furthermore, the TAT, which is a state agency, is expected to further discuss the matter with related organizations to see if it has the authority to issue this type of digital token.
Yuthasak said that technology, including cryptocurrency, is changing the world, so TAT should seize the opportunity to improve the competitiveness of the tourism supply chain that has suffered from the pandemic with a shortcut plan. Deadline to attract potential travelers to accelerate tourism revenue. .
The nations with the world’s largest cryptocurrency holdings include China, Japan, South Korea, the United States, and Europe, while countries with high currency volatility such as Venezuela, Argentina, and Nigeria also have growing cryptocurrency markets.
A currency for crypto-tourists
“We need to prepare the digital infrastructure and digital culture for our tour operators to launch ‘crypto-tourism’ as the traditional business model might not be able to keep up with new changes,” Yuthasak said.
As part of a long-term plan, TAT aims to develop the country’s tourism platform, covering both business and leisure tourism, with Bitkub, a local cryptocurrency exchange, featuring the TAT currency or some other currency. type of cryptocurrency such as non-fungible tokens (NFT) to stimulate demand in the crypto market.
NFTs, which represent single object ownership by merging the digital economy and the real world, can be used to drive traffic in specific tourist areas, but this digital asset is not yet legal in Thailand.
Currently, the global market capitalization of cryptocurrencies stands at 2 trillion dollars, four times the GDP of Thailand, compared to 800,000 million four years ago, which is the fastest growing sector, the fastest, according to Jirayut Srupsrisopa, Managing Director of Bitkub Capital Group Holdings. .
The workplace trend also benefits long-stay crypto-nomads who can work from anywhere and are considered big spenders for the tourism industry.
The TAT could begin to develop a “crypto-tourism” atmosphere by offering a bitcoin debit card at airports, which crypto-nomads can use while traveling without paying additional fees to the ATM or currency exchange office.
Unfortunately for the TAT, the “TAT currency” already exists, it is the native token of the ABiTNetwork ecosystem, a cryptocurrency platform dedicated to educating Africans about cryptocurrencies and blockchain technology.
Source: Bangkok Post