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Thailand plans to launch a utility token

While we have seen companies trying to capitalize on the growing popularity of cryptos, many countries refrain to do so. However, it looks like the course may change soon as the Tourism Authority of Thailand will launch a utility token.

The authority is planning to launch a utility token named TAT coin. With this coin, residents can navigate through the country’s complex legal framework. According to the Bangkok Post, TAT is in discussions with the Stock Exchange of Thailand regarding its ambitions and transfer of value.

Moreover, they stated that the transfer of value is achievable without the introduction of speculative aspects of trading.

According to the report, TAT coin “would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity.”

The governor of TAT, Yuthasak Supasorn said that he values the potential that technologies like crypto offer. Also, he believes that the Thai tourism industry has a great opportunity to boost competitiveness in the short term.

In his words:

“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.”

As far as the plan in long term goes, Tourism of Thailand will partner with the local Bitkub exchange for the utility token. Through this, they’ll develop a tourism platform featuring TAT coin. Moreover, they’ll also plan to develop non-fungible tokens (NFTs). On the subject of NFTs, while Thailand has enacted crypto legislation, the law doesn’t incorporate NFTs yet.

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