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Thailand’s tourism authority is considering creating its own utility token

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Thailand’s tourism authority is considering creating its own utility token. In fact, to capitalise on the rising popularity of cryptocurrencies, Thailand’s Tourism Authority (TAT) is considering establishing its own utility coin.

The proposal to create TAT Coin, which named after the agency’s acronym, will have to negotiate Thailand’s complicated legal structure and regulations before it can become a reality.

On the other hand, the Bangkok Post reported on Wednesday that the TAT is in talks with Thailand’s Stock Exchange about its goals. In addition, how value maybe transferred without adding speculative characteristics of trade.

According to the article, TAT Coin “would include the conversion of coupons into digital tokens. Which may aid operators in gaining more liquidity”.

TAT Governor feels that cryptocurrencies have a lot of promise

TAT Governor Yuthasak Supasorn feels that cryptocurrencies have a lot of promise. And that recruiting bitcoin users is a fantastic way for the Thai tourism sector to enhance its competitiveness in the short term.

“In order to begin cryptourism, we must build digital infrastructure and digital literacy for our tour operators. As the old business model may not be able to keep up with the new changes.”

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.

Vaccinated tourists will be exempt from quarantine

The Thai government said on Monday that, starting Nov. 1, vaccinated tourists will be exempt from quarantine in Bangkok and nine other provinces. In the hopes of reviving the economy. Which has been one of the slowest in East Asia and the Pacific to ameliorate from the pandemic.

“Due to the delay in foreign visitor returns, the Thai economy would likely take longer to recover”, stated Kiatipong Ariyapruchya, senior country economist for Thailand at the World Bank.

Similarly, on Tuesday, the World Bank published a study that lowered Thailand’s economic growth projection for 2021 to 1%.

Crypto assets, as previously stated, provide an alternate approach for transforming government services and promoting regional economic growth.

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