Travel

Thailand's tourism body plans to launch its own crypto coin for visitors

Business Insider US
Thailand
ROMEO GACAD
  • The Tourism Authority of Thailand is considering issuing a crypto coin aimed at visitors, the Bangkok Post reported.
  • TAT is discussing the coin with the regulator, its governor Yuthasak Supasorn told the newspaper.
  • Crypto and vacationing are two things that have recently gone hand in hand.
  • For more stories go to www.BusinessInsider.co.za.

Thailand's tourism body is seriously considering launching a digital token to tap into the growing interest in the tourism world for cryptocurrencies, the Bangkok Post reported on Wednesday.

Yuthasak Supasorn, governor of the Tourism Authority of Thailand, told the newspaper that TAT was discussing the coin with the country's Securities and Exchange Commission, which supervises capital markets. This coin will involve transferring vouchers into digital tokens.

The TAT Coin will feature on Bitkub, a local cryptocurrency exchange, along with any other digital assets, the report said. Non-fungible tokens, or NFTs - unique digital collectible items - will be on the exchange.

The tourism organisation, which falls under the Ministry of Tourism and Sports, wants to embrace interest in cryptocurrencies in the travel community. Companies such as airfare website Cheapair.com, Latvian carrier Air Baltic, and space travel company Virgin Galactic accept bitcoin, while many others are boarding this ship.

TAT was not immediately available for comment when contacted by Insider.

"We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence crypto-tourism, as the traditional business model might not be able to keep up with the new changes," Yuthasak told the Bangkok Post.

NFTs were banned in Thailand in June for lacking "substance". Thailand's regulator hopes to strengthen the oversight of digital asset business operators and develop quality and investor protection in this area, according to a statement in August.

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