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 from Nov. 1 for those that 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.