The Tourism Authority of Thailand (TAT) plans to issue TAT Coin, a Cryptocurrency token, as part of its “cryptourism” campaign to lure some of those affluent crypto investors. They may contribute to the country’s GDP.
According to the Bangkok Post, Jirayut Srupsrisopa, the creator and CEO of the Cryptocurrency exchange Bitkub, has pushed Thailand’s government to issue the TAT coin. It’s worth mentioning that before the outbreak, Thailand’s tourist sector accounted for about 20% of the country’s GDP. Cryptocurrency holders, according to Srupsrisopa, have the potential to revolutionize Thailand’s economy if they establish themselves in the nation.
Srupsrisopa also stated that individuals have grown affluent as a result of investing in digital currencies and would want to put their money to good use. It would be more convenient for them if they could use crypto-currencies without converting them or paying government taxes.
He stated that the tourism authority of Thailand is creating the framework for expanding Cryptocurrency adoption, hoping to have it by the time worldwide travel resumes to pre-covid times.
The governor informed that the concept has already been discussed with the Thai Securities and Exchange Commission (SEC), Bitkub Online Co, and the Bank of Thailand (BOT).
He also stated that the Thai authorities would establish a new unit by next year for managing its cryptocurrencies, developing a wallet, and creating a new environment for tourists.
The Thai tourist ministry is hoping to regain $80 billion in income lost due to the Covid-19 outbreak. Thailand drew around 40 million international tourists in 2019, bringing about $60 billion in revenue. The epidemic forced the government to close its borders, and it has opened its doors to tourists who have been immunized.
Yuthasak predicts that Thailand’s tourism sector will recover to pre-Covid time by 2024, with the country aiming for 1 million high-spending tourists in the first quarter of 2022. The authorities expect that 10% of Cryptocurrency holders will visit Thailand at some point.