The Tourism Authority of Thailand (TAT) might explore the possibility of issuing its own utility token – the TAT Coin – to cash on additional revenue from tourism, local news media Bangkok Post reported Tuesday.
According to media reports, the TAT is discussing the possibility and regulatory aspects of TAT coins with Thailand’s Securities and Exchange Commission which currently has a complex framework around the crypto market.
As per the agency’s Secretary of State Yuthasak Supasorn, the purpose of issuing TAT coins is to increase the liquidity of travel coupons among travel agencies and to provide infrastructure for tourists to use virtual currencies, which are expected to increase in the future as the pandemic effects subsidize.
Mr. Yuthasak said:
“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes.”
TAT Coin will be a stablecoin pegged to Thai legal tender Baht since it cannot be speculated, unlike current cryptocurrencies.
There also seems to be a long-term plan to partner with Bitkub, a cryptocurrency exchange based in Thailand, to develop a comprehensive tourism platform that also handles TAT coins and feature NFTs to encourage its hype.
The issuance of TAT Coins is not only seen as a measure against the digital economy that is advancing in the country, but also as a promotion plan to revive the tourism industry that was devastated by the spread of COVID-19.
Thailand is currently in the process of lifting its mandatory quarantine requirement in Bangkok and nine regions from November 1.