According to local sources, the launch of the Tourism Authority of Thailand's TAT Coin is around its completion and is now seeking government approval.
An initiative in Thailand to enhance the gross domestic product (GDP) by attracting crypto digital nomads is accomplishing, as per local media.
Since September, the Tourism Authority of Thailand (TAT) has been considering the release of its utility token, TAT Coin, as part of a scheduled "cryptourism" campaign. The idea seeks to entice crypto-wealthy digital nomads, and the TAT has been in discussion with the Thai Stock Exchange on the issuance of TAT Coin.
According to a Nov. 24 Bangkok Post report, the infrastructure supporting the TAT Coin is "ready to go" and is currently expecting consent from the Thai government.
Jirayut Srupsrisopa, founder and CEO of local crypto exchange Bitkub, urged authorities on Tuesday to approve the launch of TAT Coin: "Private sectors are ready to provide digital infrastructure, but we're just waiting for the government to press the button by enacting laws, regulations or even policies to help facilitate digital asset markets.”
“Our national GDP could grow six times if we can strengthen this market," he concluded.
TAT governor Yuthasak Supasorn stated in the Bangkok Post that the cryptourism campaign includes “building a new tourism ecosystem which utilizes digital technologies to allow wealthy populations, including cryptocurrency holders, to channel their money directly to tourism operators without agents or brokers.”
Supasorn stated that the action will significantly assist local businesses in recovering from the lack of tourism capital streaming into the nation as a result of the global pandemic. According to Al Jazeera, Thailand welcomed 106,117 tourists in the first ten months of 2021, a minor fraction of the 40 million yearly average before the pandemic.
Although the private sector seems to be ready to assist this initiative, Supasorn cautioned that the government still has a huge amount of work to do to be prepared for the deployment of such an aspiring digital currency-focused campaign.
"Due to the TAT's status as a state enterprise, there are a lot of regulatory issues we need to discuss with related parties before implementation. And there are also other preventive measures against cybercrimes and customer protections we need to prepare," he said.