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IPFS News Link • Cyberspace and the New Economy

Thailand to Develop 'Cryptourism,' Considers Issuing Utility Token

•, by Lubomir Tassev

Fostering a "cryptourism atmosphere" is what the country's tourism agency intends to do, including by minting a new token and facilitating bitcoin card payments.

Tourism Board of Thailand Plans to Employ New Coin to Spur Demand From Crypto Market
Pondering how to capitalize on the expanding global crypto user base, the Tourism Authority of Thailand (TAT) has pitched the idea of issuing its own utility token dubbed TAT Coin. The Bangkok Post revealed on Wednesday that the body wants to examine relevant regulations and the viability of such a project before embarking on the initiative.

The state-run agency is now holding talks with the Stock Exchange of Thailand on the possible introduction of the token, the report details, quoting TAT governor Yuthasak Supasorn. TAT Coin would allow the transfer of travel vouchers into digital tokens that could help operators to gain greater liquidity, the newspaper added, without being a subject of speculative trading.

Another aspect that has to be clarified is whether the tourism board has the authority to issue a digital currency in the first place. In any case, Yuthasak emphasized that technology is changing the world and cryptocurrency is part of that process. In his opinion, TAT has to take the chance and enhance the competitiveness of Thailand's tourism sector which was greatly affected by the spread of Covid-19. The official further elaborated:

"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."