Thai lawmakers appeal government towards crypto tourism to entice digital nomads
According to local Thai media, a push for boosting gross domestic product (GPD) by targeting crypto digital nomads has been coming closer to fruition.
The Tourism Authority of Thailand (TAT) has reportedly been looking into launching its own utility token called TAT Coin as part of an upcoming “crypto tourism” campaign. The initiative aims at attracting crypto wealthy digital nomads, whereas the TAT has been in discussions with the Thailand’s Stock Exchange regarding TAT Coin’s issuance.
According to a November 24 report from the Bangkok Post, the infrastructure behind the incoming TAT Coin is “ready” to go and only awaiting a final green light from the Thai government.
Jirayut Srupsrisopa, who is the CEO of Thai crypto exchange Bitkub has urged policymakers for approving the rollout of TAT Coin.
While speaking at the “Transform tourism with crypto tourism” conference Srupsrisopa had urged that private sectors have been ready for providing digital infrastructure, but the team was only waiting for the government to give a final nod by enacting laws, regulations or even policies that would help facilitate digital asset markets.
He also added Thailand’s national GDP “could grow six times” if they can strengthen this market.
As per the Bangkok Post, TAT governor Yuthasak Supasorn has also explained that the crypto tourism campaign consists of “building a new tourism ecosystem” which would utilize digital technologies in allowing wealthy populations, including cryptocurrency holders, for channelling their money directly to tourism operators without having agents or brokers in between.
Supasorn has further said the move would greatly help local businesses recover all that has been impacted due to the lack of tourism capital flowing into the country owing to the deadly global pandemic.
Al Jazeera had reported earlier in this week that Thailand had seen a total of 106,117 tourists in the first ten months of 2021, which is only a tiny fraction of the 40 million yearly average that was pre-pandemic.
Despite the private sector that appears to be ready in supporting this campaign, Supasorn has warned that there remains “a lot of work to do within the government” in preparing for the rollout of “an ambitious digital currency-focused initiative.”
Due to the TAT’s status as a state enterprise, he explained, there are a lot of regulatory issues that need to be discussed with related parties before implementation can happen.
He added that there are also other preventive measures against cybercrimes and customer protections that need to be addressed.