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Thailand’s tourist board is thinking about developing its own utility coin

To take advantage of the rising popularity of cryptocurrencies, Thailand’s Tourism Authority (TAT) is considering establishing its utility coin.

The TAT Coin

The proposal to launch TAT currency is named after the agency’s initials. They will have to negotiate Thailand’s complicated legal structure and regulations before becoming a reality.

The Bangkok Post reported today that the TAT is in talks with the Stock Exchange of Thailand about its goals. Moreover, on how to achieve value transfer without adding speculative characteristics of trading.

According to the article, TAT coin “would include the conversion of vouchers into digital tokens, which may help operators acquire greater liquidity.”

The Potential Crypto Has To Offer

TAT Governor Yuthasak Supasorn states that he recognises the potential that technologies such as cryptocurrencies have to offer. Additionally, he feels that recruiting bitcoin holders is a wonderful way for the Thailand tourism sector to enhance competitiveness in the short term.

The TAT’s long-term goals include collaborating with the local Bitkub exchange to create a tourist platform. The platform that uses the TAT currency and perhaps non-fungible tokens. Thailand does not allow NFTs yet. However, Thailand is one of the first nations in Southeast Asia to pass cryptocurrency laws.

Thailand’s Tourism Sector

The Thai government stated on Monday that from November 1 onwards, vaccinated tourists would be exempt from quarantine in Bangkok. Additionally, nine other provinces in the hopes of reviving the economy. Thailand has been one of the slowest in East Asia and the Pacific to recover from the pandemic.

“Due to the delay in foreign visitor returns, the Thai economy would likely take longer to recover,” said Kiatipong Ariyapruchya, senior country economist for Thailand at the World Bank.

On Tuesday, the World Bank issued a study that further reduced Thailand’s economic growth projection for 2021, lowering it to 1%.

Crypto assets provide an alternate approach for transforming government services and promoting economic growth in Thailand.

Read More: Thailand’s Central Bank to Start Testing Digital Currencies

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.