The Tourism Authority of Thailand (TAT) is exploring the possibility of minting its own utility token in a bid to cultivate crypto revenue from visitors.
TAT is reportedly in discussions with the Stock Exchange of Thailand over the introduction of TAT Coin and is weighing the regulatory and feasibility aspects of such a project, the Bangkok Post reported Tuesday.
The authority’s governor, Yuthasak Supasorn, said Thailand had to “prepare” its digital infrastructure as well as digital literacy for its tourism operators as it related to crypto.
“The traditional business model might not be able to keep up with the new changes,” said Yuthasak.
If developed, the token’s utility could facilitate the transfer of vouchers into TAT coin, boosting liquidity among tourism operators. It may also signal to the rest of the crypto world that Thailand’s tourism sector is back open for business as it attempts to grapple with the after-effects of COVID-19.
Thailand will lift its mandatory quarantine requirement in Bangkok and nine regions as of Nov. 1 for those who have been fully vaccinated, Reuters reported Monday.
Thailand’s TAT is an agency under the Ministry of Tourism and Sports. Its objective is to promote the country’s tourism industry and protect the environment.
Discussions with relevant authorities, including the country’s Ministry of Finance, will need to be conducted in order to determine if the agency has the power to issue such a token, according to the report.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.