Thailand to develop ‘cryptocurrency’, consider issuing utility tokens – Bitcoin News

In search of ways to mend its travel industry damaged by the epidemic, Thailand is now embracing the opportunity for cryptocurrency holders to enter a growing market. The country’s tourism agency wants to create a “cryptocurrency atmosphere” with the convenience of minting a new token and making bitcoin card payments.

The Tourism Board of Thailand plans to recruit new currencies from the crypto market

Thinking about how to capitalize on the expanded global crypto user base, the Tourism Authority of Thailand (TAT) has come up with the idea of ​​issuing its own utility token dubbed TAT coins. The Bangkok Post revealed on Wednesday that the company wants to examine the relevant regulations and the effectiveness of such a national project before taking the initiative.

Thailand to develop 'cryptocurrency', consider issuing utility tokens

The state-run agency is now discussing the possible introduction of tokens with the Thai Stock Exchange, the report details, quoting TAT Governor Uthasak Supasorn. TAT will allow currency travel vouchers to be transferred to digital tokens that will help operators gain more liquidity

Another aspect that needs to be clarified is whether the tourism board has the power to issue digital currency in the first place. However, Uthasak stressed that technology is changing the world and cryptocurrency is part of that process. According to him, TAT should take the opportunity and increase the competitiveness of the tourism sector in Thailand, which was greatly affected by the spread of Kovid-1 of. The official said in more detail:

We need to develop digital infrastructure and digital literacy for tourism operators so that cryptocurrencies can be introduced because traditional theatrical business models cannot keep up with new changes.

TAT’s short-term goal is to increase revenue in the industry by attracting potential travelers and visitors. According to the report, the long-term plan is to improve the country’s business and leisure tourism platform in collaboration with local cryptocurrency exchange Bitcoin.

Authorities expect to use future TAT currency, or a non-fungible token (NFT), to stimulate demand from the cryptocurrency market and increase traffic to certain tourist spots. Bitcoin CEO Jirayut Sruprisopa noted that the global crypto market capitalization is now four times larger than Thailand’s gross domestic product (GDP).

As part of an initiative to create a “cryptocurrency atmosphere”, Thailand’s tourism authorities are also considering offering bitcoin debit card services at the country’s airports. The agency says crypto nomads can use it to make purchases during their travels without paying high fees at ATMs or money exchange stores. In August, the Bank of Thailand announced that it was going to test its own digital currency that could potentially facilitate payments in the travel industry.

Do you think Thailand will become a crypto-friendly travel destination? Share your expectations in the comments section below.

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