Thailand’s Tourism Authority Is Likely Going To Launch Its Utility Token

The TAT (Tourism-Authority of Thailand plans to develop a new utility token named the TAT coin. For its implementation into the financial network of the country, there would be a requirement for the agency to take authorization from the relevant organizations.

Crypto: favourable to bring tourists to Thailand

As per Bangkok Post’s recent report, Thailand’s Tourism Authority targets alluring crypto owners toward the country through introducing a unique utility token. The token would permit vouchers transaction as well as assist the tour operators in acquiring more liquidity. TAT’s governor Mr. Yuthasak appreciated cryptocurrencies to be the asset class that is evolving the world. In this respect, the state agency needed to step ahead and endeavour to bring the country out of the COVID-19’s negative impact. Thailand is considered among the countries which are frequently visited throughout the world. There is a strong possibility for the respective crypto initiative to be utterly beneficial for attracting a huge amount of travellers.

On the contrary, Yuthasak also pointed towards the requirement of good preparation to make the initiative successful. People included in the sector of tourism would also be required to have adequate knowledge about the virtual assets for this to happen. He added that digital literacy, as well as digital infrastructure, are the two inevitable factors in the scenario of cryptourism, and there is a possibility that the model of conventional business might be unable to keep pace with innovative changes. In advance of the launch of the TAT-coin, a vitally important thing is its approval on behalf of the regulators of the country as adequate jurisdiction might not be available for the issuance of such a digital token.

Other crypto plans of Thailand

Other than the utility token, several crypto initiatives are under the consideration of the organization regarding the economic progress of the country on its tourism level. For instance, the agency looks towards having collaboration with Bitkub (a trading venue at a local level). The TAT-coin or other such virtual token (maybe the NFTs) would be provided by the latter to meet the spiking demand for the services of cryptocurrency. Although the NFTs can prove to be the most advantageous for tourism, yet their utilization is prohibited in the country. Thus, it would be challenging for the company to pave the way for crypto’s future in Thailand.