The Tourism Authority of Thailand is considering jumping into the world of digital assets by launching its own tourism-based utility token called the TAT Coin. Crypto is often looked at as the way of the future, and traders are considered high-value, big-spending tourists, especially those that work as digital nomads and stay long-term.
Discussions are underway with the Securities and Exchange Commission about launching the TAT Coin solely as a voucher system to create liquidity for tourism business operators, and not as something tradable for the speculation market to avoid volatility.
But before that can be approved, it needs to be determined if the TAT has the authority to issue digital assets like cryptocurrency. They hope to win approval and leapfrog Thailand ahead of the game in the digital tourism market. Crypto could increase competitiveness while bringing in lucrative travellers upfront. The TAT Governor expressed hope to be at the forefront of the emerging sector.
“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism [sic] as the traditional business model might not be able to keep up with the new changes.”
Even of the TAT Coin does not take the cryptocurrency world by storm, the TAT plans on using Thai crypto exchange Bitkub to develop digital demand for tourism. They have considered non-fungible tokens – one-of-a-kind digital assets – to create unique tourism-related items to drive travellers to explore Thailand.
Interestingly, despite NFTs being sold by monks in Thailand, they are not fully legal in Thailand yet. (Neither are digital nomads, who float in a grey area as workers but not working in Thailand, though plans are in the works to finally welcome and even cater to this lucrative market.)
The cryptocurrency market has grown from US $800 billion 4 years ago to US $2 trillion today, making it one of the fastest-growing sectors. The TAT hopes to push forward with TAT Coins or similar digital assets to capitalise on the rapidly expanding market.