Thailand considers launch of crypto token to boost tourism industry

The Tourism Authority of Thailand (TAT) has come up with the idea to issue its own crypto coin in a bid to boost the country’s ailing tourism industry, Bangkok Post reported.

The tokens under the proposed name of “TAT Coin” could be used as “digital travel vouchers” to pay for tourism services and hotels which would increase liquidity for tour operators and also attract a digitally savvy, young tourism audience, the report said.

However, it first would be necessary to determine whether TAT has the authority to issue cryptocurrency and whether the country’s digital infrastructure and the digital literacy of tourism operators would be up to a new “cryptourism” industry, the report said.

Changing the traditional business model

“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,” TAT governor Yuthasak Supasorn said.

As a long-term plan, TAT aims to develop a tourism payment platform, covering both business and leisure tourism, with Bitkub, a local cryptocurrency exchange, featuring the TAT Coin or another type of digital assets such as non-fungible tokens, or NFTs, to spur demand from the crypto market. However, NFTs are not yet legal in Thailand.

TAT also proposed to offer Bitcoin debit cards for tourists on arrival at airports which they could use to pay for services and purchases during their stay, the report added.



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The Tourism Authority of Thailand (TAT) has come up with the idea to issue its own crypto coin in a bid to boost the country’s ailing tourism industry, Bangkok Post reported. The tokens under the proposed name of “TAT Coin” could be used as “digital travel vouchers” to pay for tourism services and hotels which would increase liquidity for tour operators and also attract a digitally savvy, young tourism audience, the report said. However, it first would be necessary to determine whether TAT has the authority to issue cryptocurrency and whether the country’s digital infrastructure and the digital literacy of...

The Tourism Authority of Thailand (TAT) has come up with the idea to issue its own crypto coin in a bid to boost the country’s ailing tourism industry, Bangkok Post reported.

The tokens under the proposed name of “TAT Coin” could be used as “digital travel vouchers” to pay for tourism services and hotels which would increase liquidity for tour operators and also attract a digitally savvy, young tourism audience, the report said.

However, it first would be necessary to determine whether TAT has the authority to issue cryptocurrency and whether the country’s digital infrastructure and the digital literacy of tourism operators would be up to a new “cryptourism” industry, the report said.

Changing the traditional business model

“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,” TAT governor Yuthasak Supasorn said.

As a long-term plan, TAT aims to develop a tourism payment platform, covering both business and leisure tourism, with Bitkub, a local cryptocurrency exchange, featuring the TAT Coin or another type of digital assets such as non-fungible tokens, or NFTs, to spur demand from the crypto market. However, NFTs are not yet legal in Thailand.

TAT also proposed to offer Bitcoin debit cards for tourists on arrival at airports which they could use to pay for services and purchases during their stay, the report added.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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