TAT has proposed the idea of creating its own cryptocurrency token, called “the TAT Coin” in order to maximize the increasing market of cryptocurrency holders, but first, they will examine the applicable laws and development.
Yuthasak Supasorn, TAT Governor, said that the Tourism Authority of Thailand is presently in talks with the Securities and Exchange Commission about the potential of launching the TAT Coin which would entail the conversion of vouchers into digital coins or tokens that would assist operators in gaining more liquidity. But the token could not be used for speculation purposes like trading.
Additionally, the TAT needs to consult with relevant groups to determine if it has the jurisdiction to issue this kind of digital token.
Mr. Yuthasak stated that since technology, including cryptocurrency, is continuously changing, TAT needed to seize the chance to boost the tourism supply chain, which was affected by the COVID-19 pandemic by developing a short-term strategy to attract potential tourists and increase tourism revenue.
The United States, China, Europe, South Korea, and Japan are the world’s biggest cryptocurrency holders. Still, countries with a high degree of currency volatility, such as Argentina, Nigeria, and Venezuela also have developing crypto markets.
We must prepare our tourist operators’ digital literacy and digital infrastructure to launch crypto tourism since the conventional business model may be unable to keep up with the changes, according to Mr. Yuthasak.
The Tourism Authority of Thailand’s long-term goal is to develop the country’s tourism program, covering both leisure and business tourism in collaboration with Bitkub. Bitkub is a local cryptocurrency exchange that will feature TAT Coin or another kind of cryptocurrency such as NFT’s or non-fungible tokens in order to stimulate demand from the cryptocurrency market.
Non-fungible tokens indicate ownership of a unique object by combining the real world and digital economy can be utilized to increase traffic in particular tourist destinations. However, this digital asset is not yet allowed in Thailand.
The total market capitalization of cryptocurrencies is now at 2 trillion USD, or 4 times the size of Thailand’s current GDP, up from 800 billion USD 4 years ago, Jirayut Srupsrisopa, chief executive of Bitkub said.
The trend also helps long-term cryptocurrency nomads, who may work wherever and are seen as significant tourist spenders.