The Tourism Authority of Thailand (TAT) is investigating the possibility of hacking their own utility token to generate crypto revenue from visitors.
The Tourism Authority of Thailand (TAT) is investigating the possibility of hacking their own utility token to generate crypto revenue from visitors. TAT is reportedly discussing the launch of the TAT coin with the Thai stock exchange and considering the regulatory and feasibility aspects of such a project, the Bangkok Post reported on Tuesday.
Governor Yutasak Supasorn said Thailand should "prepare" its digital infrastructure and digital literacy for its crypto operators. “Traditional business models may not suit the new changes,” said Yutasak. When developed, utility tokens can facilitate the transfer of coupons to TAT coins and increase the liquidity of tour operators. It could also signal to the rest of the crypto world that Thailand's tourism sector is open for business again to cope with the impact of COVID-19. Thailand will lift mandatory quarantines in Bangkok and nine regions from November 1 for fully vaccinated people, as per the report on Monday.
TAT Thailand is an agency of the Ministry of Tourism and Sports. There aim is to promote tourism in the country and protect the environment. According to the report, discussions need to be held with relevant bodies, including the country's Ministry of Finance, to determine whether the agency has the authority to issue such a sign. According to a statement posted on the SEC's website, the Securities and Exchange Commission of Thailand will ask the Ministry of Finance to revoke Huobi Thailand's license to trade digital assets.
At a meeting on September 2, the Thai SEC ordered crypto exchanges to continue to suspend their services in the country. The SEC gives exchanges three months to return or repurchase customer assets. Huobi Thailand has failed to address systemic shortfalls identified more than five months ago, despite several extensions, the SEC said. According to regulatory authorities, a review between February and March this year revealed, among other things, gaps in trade, in customer asset retention and in IT systems.
"Huobi Thailand provides digital asset trading services with local laws and compliance standards," read a statement from WeChat. "Due to product changes and to better serve local customers with better commercial applications and services, Huobi Thailand has decided to temporarily suspend trading services.” Thailand's SEC first notified the company of the matter in March. At its next meeting on April 1, regulators asked it to suspend its services until the issue was resolved, but the exchange asked for an extension, according to a statement from the SEC. The Commission granted an extension until August 31.
In June, Huobi Thailand shut down its service and urged consumers to give up its assets as it prepares to relocate its operations under a new name, DS Exchange, the Bangkok Post reported. The SEC statement on Saturday said Huobi (Thailand) Co. is now DSDAQ (Thailand) Co. At a meeting in September, regulators found that Huobi Thailand had not fixed the problem. He rejected the exchange application for a new extension. Huobi is the fifth exchange licensed to trade digital assets in Thailand. It is available in July 2019. The Thai SEC published new rules for crypto custodians at the end of August.
"Huobi Thailand is based on the original Huobi Cloud Thailand project built by Huobi Cloud and its local partner in Thailand, GLT," said Huobi Global. "Huobi Cloud only provides technical product support and trademark authorization. The current trademark license and maintenance agreement with Huobi Thailand has expired and Huobi Cloud will no longer support this project in the future." Regulators from Singapore to Spain are tightening oversight of cryptocurrency exchanges.
The Tourism Authority of Thailand (TAT) is considering creating its own utility token to take advantage of the growing popularity of cryptocurrencies. Named after the agency's acronym, the planned issuance of the TAT coin must go through Thailand's complex legal and regulatory framework before it comes into effect. The Bangkok Post announced today that TAT is in talks with the Thai Stock Exchange about its ambitions and how value transfers can be achieved without introducing the speculative aspects of trading. The TAT coin "will involve the transfer of vouchers in digital tokens, which could help operators gain more liquidity," the report said.
Utasak Supasorn, manager of TAT, said he appreciates the potential that technologies such as cryptocurrencies can offer and believes this is a great opportunity for the Thai tourism industry to increase competitiveness in the short term by attracting cryptocurrency holders: "We need to prepare the digital infrastructure and digital literacy of our tour operators to start cryptocurrency tourism as traditional business models may not be able to cope with the new changes." TAT's long-term ambitions will lead them to partner with local Bitkub exchange to develop a travel platform that includes the potentially irreplaceable TAT coin and token. Although Thailand was one of the first countries in Southeast Asia to pass cryptocurrency laws, NFTs are not yet legal.
On Monday, the Thai government announced that it would end the quarantine for vaccinated travellers in Bangkok and nine other provinces from January 1. "The Thai economy will likely take longer to recover due to the delay in the return of foreign tourists," said Kiatipong Ariapruchya, the world bank's senior economist for Thailand. The World Bank released a report on Tuesday that further cut Thailand's economic growth forecast for 2021 to one percent. As per reports, crypto assets offer an alternative solution to transforming public services and driving economic growth in the region.
The Bank of Thailand (BoT) has released the results of a new study on how the issuance of digital currency by the Central Bank for Private Customers (CDBC) affects the country's financial sector. Unlike wholesale CBDCs which are restricted in their use by financial institutions and intermediaries, retail CBDCs are widely used by the general public. The Bank of Thailand, like many other central banks around the world, is involved in CBDC research and development and is now planning to start testing CBDCs next year. Unlike the BoT, not all of these central banks are required to specifically test CBDCs in retail.
From its latest study, the BoT reveals three main conclusions made to ensure that issuing CBDCs to retail clients does not pose a risk to financial stability. Having previously identified a “flight to quality”, i.e., consumers prefer CBDCs over existing fiat currencies in certain situations – as a key risk factor – the BoT study finds that additional challenges have an adverse effect on monetary policy transmission or on existing financial institutions including. To prevent this from happening, this study suggests that the following three points are essential: “(1) CBDCs are free of money and interest, (2) intermediaries and financial institutions are distributors of CBDCs to the public, and (3) CBDC conversion terms or limits are set.”
The measures, according to the BoT, will help ensure that retail CBDCs do not compete with deposit banks and "maintain the role of intermediaries in collecting deposits, lending and managing liquidity across the financial system". According to the BoT, these measures also offer protection against attacks by financial institutions. In particular, the BoT predicts that public demand for retail CBDCs will increase over time and may result in the currency becoming an alternative form of payment in the future to cash and existing forms of electronic money. Along with these things, the BoT has shared more details about the pilot project planned for CBDC retail in real life situations. The pilot is divided into two tracks. The first, Foundation Road, begins in the second quarter of 2022 and involves using currency to perform activities such as money in limited amounts, such as payments or receipts for goods and services and for conversion.
The second, more ambitious innovation pathway will explore ways in which retail CBDCs can be used for newer purposes, based on input from private sector actors and technology developers. The roadmap for the second time has not yet been completed and the BoT shows that it is still developing the form of a pilot project and evaluating which participants can take part in its implementation. As previously reported, the BoT has collaborated with several major Asian banks to work on a prototype cross-border CBDC project, or Multibrid Central Bank Digital Currency Bridge (m-CBDC), which uses distributed ledger technology. Other participating banks are the Hong Kong Monetary Authority, the Central Bank of the United Arab Emirates and the National Bank of China Digital Currency Institutes.