Thailand’s Tourism Authority Floats Idea of Utility Token to Attract Crypto Holders: Report

If developed, the token’s utility could facilitate the transfer of vouchers into TAT Coin, boosting liquidity among tourism operators.

Sep 29, 2021 at 2:26 a.m. UTC
Updated Sep 29, 2021 at 1:38 p.m. UTC

Sebastian Sinclair is a CoinDesk news reporter based in Australia.

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.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Sebastian Sinclair is a CoinDesk news reporter based in Australia.

CoinDesk - Unknown

Sebastian Sinclair is a CoinDesk news reporter based in Australia.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown