Thailand: famous beaches, picturesque islands, rest, relaxation – and now your own crypto currency? All about the crypto plans of the Tourism Authority of Thailand (TAT).
As reported by the Bangkok Post, the Tourism Authority of Thailand (TAT) is currently investigating whether its own cryptocurrency could have a positive impact on the country’s tourism industry. According to the TAT, a timely move in this direction could give Thailand a lucrative piece of the cryptocurrency pie. So far, the only thing that is known about the possibility of using such a token is that vouchers can be converted into digital tokens.
However, the Tourism Authority of Thailand still has a lot of work to do before using the new cryptocurrency. Yutasak Supasorn, Chairman of TAT, aptly commented:
“We need to prepare the digital infrastructure and digital literacy of our travel service providers to launch crypto tourism. Because the traditional business model may not keep pace with the new changes. ”
Yutasak Supasorn added that TAT is currently in talks with the Thailand Stock Exchange. According to him, together they want to think about the possibility of creating a sought-after token. Such cooperation is necessary as TAT itself is a government organization, so it must take special care to work in harmony with other authorities in the country, while complying with all relevant government regulations and laws. Thus, it is also necessary to first determine whether the TAT is authorized to issue such a token in the first place. TAT relies on Bitkub to have a competent partner on its side to carry out its plans. According to Bitkub, Thailand’s number one cryptocurrency exchange brings in over $ 76 million per day in cryptocurrency trading.
Short-term momentum for Thailand
In 2019, Thailand’s tourism revenue was US $ 65.082 billion. In comparison, Thailand’s total GDP in the same year was US $ 544.264 billion. Thus, the tourism industry alone accounted for 8.36 percent of GDP in 2019. Thus, tourism is an important component of Thailand’s economy. Yutasak Supasorn cites this as well. In addition, he expects the new cryptocurrency to provide a short-term boost to the tourism industry in Thailand. According to the official, the token could increase the competitiveness of the tourism industry in the country. Also, according to experts, such a specialized token will improve the cryptocurrency atmosphere in the country as a whole, compensate for the damage caused by the coronavirus crisis, and, ultimately, attract cryptocurrency adherents and enthusiasts from all over the world to Thailand.