CRYPTO

Thailand’s tourism authority is considering creating its own utility token

Capitalizing on the growing popularity of cryptocurrencies, the Tourism Authority of Thailand (TAT) is considering creating its own utility token.

Named after the agency’s short name, the plan to introduce the TAT currency will have to navigate through Thailand’s complex legal framework and regulations before it comes to life.

The Bangkok Post reported today that TAT is discussing its ambitions with the Thai Stock Exchange and how to move prices without introducing speculative aspects of trading.

The TAT currency “will include voucher transfers to digital tokens that will help operators gain more liquidity,” the report said.

TAT Governor Uthasak Supasorn said he evaluates the potential of technologies such as cryptocurrency and believes it is a great opportunity for the Thai tourism industry to increase competition in the short term by attracting cryptocurrency holders:

“We need to develop digital infrastructure and digital literacy for tourism operators so that cryptocurrency can be introduced because the traditional theatrical business model cannot adapt to the new changes.”

TAT’s long-term ambitions will see them partner with local Bitcoin exchanges to build a tourism platform that includes TAT ​​currencies and possibly non-fungible tokens. Although Thailand is one of the first countries in Southeast Asia to enact cryptocurrency legislation, NFTs are still not legal.

Related: The Central Bank of Thailand has outlined protections for future retail CBDCs

On Monday, the Thai government announced that it would waive segregation for vaccinated travelers in Bangkok and nine other provinces from November 1, in hopes of reviving the economy, which is one of the slowest in East Asia and the Pacific region to recover from the epidemic.

“It will probably take a long time for the Thai economy to recover due to delays in the return of foreign tourists,” said Kiatipong Ariapruch, the World Bank’s senior country economist for Thailand.

The World Bank released a report on Tuesday, further lowering Thailand’s economic growth forecast for 2021 to one percent.

As Cointelegraph reports, crypto resources provide an alternative solution to the transformation of public services and to boost economic growth in the region.