Thailand’s push to increase gross domestic product (GDP) by targeting crypto-digital nomads is yielding near-results, according to local media.
The Tourism Authority of Thailand (TAT) is considering launching its own tool token called TAT Coin from September as part of a planned crypto-tourism campaign. The initiative aims to attract cryptocurrency-rich digital nomads, and the TAT team had discussions with the Thai Stock Exchange regarding the release of TAT Coin.
According to the Bangkok Post on Wednesday, the infrastructure behind TAT Coin is “ready” to go live and is now waiting for the green light from the Thai government.
Jirayut Srupsrisopa, founder and CEO of local exchange Bitkub, spoke on Tuesday at the conference “Transforming Tourism with Cryptourism”, urged politicians to agree to the implementation of TAT Coin:
“The private sector is ready to offer digital infrastructure, but we are just waiting for the authorities to push a button, adopt laws, regulations or even guidelines to promote digital asset markets.”
“Our national GDP can increase sixfold if we can strengthen this market,” he added.
As reported by the Bangkok Post, TAT Governor Yutasak Supasorn explained that the crypto campaign consists of “creating a new travel ecosystem that uses digital technology to allow wealthy citizens, including cryptocurrency holders, to channel their money directly to travel agents without agents or intermediaries.” …
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Sopasorn said the move would go a long way to help the recovery of local businesses affected by the country’s shortage of tourist capital due to the global pandemic. Al Jazeera reported this week that a total of 10,6117 tourists visited Thailand during the first 10 months of 2021, a fraction of the annual average of 40 million before the pandemic.
Despite the private sector’s willingness to support the campaign, Sopasorn warned that the government still has a lot of work to do to prepare for the launch of such an ambitious digital currency-focused initiative.
“Given the status of TAT as a government project, there are many regulatory issues that we must discuss with relevant parties before implementation. There are also other cybercrime and customer protection measures we must prepare for, he said.