Making sense of Thailand’s very own utility token

Making sense of Thailand's very own utility token
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The Tourism Authority of Thailand (TAT) may start working on a utility token named TAT coin, but regulations can hinder this idea.

Local news outlet Bangkok Post announced the news about this idea. It seems that TAT may have plans to benefit from the growing market of cryptocurrencies. A new tourism token for a country flooded with tourists from all over the world can be an attractive idea. But regulations and tokenomics are the greatest things that TAT should consider before starting the project.

CBDC with a Special Use Case?

Governments around the world and their subsidiary organizations are looking for ways to enter the crypto world. CBDCs are being planned in many countries and may enter the market sooner or later. They plan to change the economic landscape in their countries and maybe give banking and financial opportunities to more people. After all, there are some projects that are looking for special use cases in this section.

The Tourism Authority of Thailand is among the first to consider a utility token for its operations. TAT governor Yuthasak Supasorn has talked about negotiations with the Stock Exchange of Thailand regarding a utility token.

The TAT coin is planned to give greater liquidity to tourism activities in Thailand. Transferring vouchers into digital tokens is among the top goals of this proposed token. But it seems the TAT organization has no plan for trading use-cases for this token. After all, the organization has lots of work ahead to receive the regulation permits for issuing a token. First of all, they should speak with related organizations to see if this authority has the permit to issue digital tokens.

The biggest reason for proposing the idea of a utility token for tourism in Thailand is to benefit from the growing world of cryptocurrencies. This industry has experienced a big hit through the pandemic, and related authorities are looking for ways to come back to profit. Yuthasak believes that technology, and especially cryptocurrencies, can help the tourism industry in Thailand. He speaks about a new concept named cryptourism:

“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes.”

TAT has other plans to develop technological solutions for the tourism industry in Thailand. A TAT platform is among the plans that can help both business and leisure tourism. Bitkub is the cryptocurrency that will handle these ideas. It can offer TAT and other cryptocurrencies next to NFTs to people.

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