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Thai authorities urged to approve tourism crypto

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The Tourism Authority of Thailand (TAT) will hold additional discussions with the country’s Securities and Exchange Commission (SEC) on the launch of the TAT Coin utility token for the development of “cryptourism”. The Bangkok Post writes about this.

Thus, among the topics discussed within the framework of the initiative are the protection of users and the fight against cybercrime. The ecosystem will presumably be based on the local Bitkub crypto exchange. Which will give an additional boost to the growth of gross domestic product (GDP).

According to the CEO and founder of the platform Jirayut Srupsrisopa; crypto investors can work remotely and earn income using blockchain technology. Thailand for such “nano-entrepreneurs” can become a livable location with “vivid travel impressions”.

Recovery of the tourism industry after pandemic

“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,” Srupsrisopa said.

According to the head of the TAT, Yuthasak Supasorn, “cryptourism” will support the recovery of the tourism industry after the pandemic. Which is experiencing difficulties with attracting funds from traditional sources.

Furthermore, TAT Coin will allow you to send money directly to tour operators, bypassing intermediaries. Moreover, the agency can become a guarantor by issuing a token. Also, attracting partner hotels to distribute quotas for rooms in exchange for TAT Coin.

Thailand’s complicated legal structure and regulations

Recall that the TAT announced plans to issue its own token in September. The proposal to create TAT Coin, which is named after the agency’s acronym, will have to negotiate Thailand’s complicated legal structure and regulations before it can become a reality.

Long-term plans for TAT include partnering with the local Bitkub exchange to build a tourism platform. Which incorporates TAT Coin and most probably nonfungible tokens (NFT). NFTs are not yet allowed in Thailand. Despite it being one of the first Southeast Asian nations to pass cryptocurrency laws.

Earlier, the department announced the idea of attracting rich Bitcoin holders to the country as tourists with high incomes.

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