Thai lawmakers urged to approve tourist crypto to attract digital nomads

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According to local media, a push in Thailand to increase gross domestic product (GDP) by targeting crypto digital nomads is approaching completion.

The Tourism Authority of Thailand (TAT) has been planning to launch its own utility token called TAT Coin since September as part of a planned ‘cryptourism’ campaign. The initiative aims to attract crypto-rich digital nomads and the TAT has been in discussions with the Thailand Stock Exchange regarding the issuance of TAT Coin.

According to a Bangkok Post report from Nov. 24, the infrastructure behind the TAT Coin is “ready” for use and is now awaiting the green light from the Thai government.

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Speaking at the “Transforming Tourism with Cryptourism” conference on Tuesday, Jirayut Srupsrisopa, founder and CEO of local crypto exchange Bitkub, urged policymakers to approve the deployment of TAT Coin:

“The private sectors are ready to provide digital infrastructure, but we are just waiting for the government to push the button by enacting laws, regulations or even policies to help facilitate markets for digital assets. “

“Our national GDP could grow six times if we can strengthen this market,” he added.

According to the Bangkok Post, TAT Governor Yuthasak Supasorn explained that the cryptourism campaign is “to build a new tourism ecosystem that uses digital technologies to enable wealthy populations, including cryptocurrency holders, to channel their money directly to tourist operators without agents or brokers ”.

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Supasorn said the move would go a long way in helping local businesses recover which have been affected by the lack of tourism capital flowing into the country due to the global pandemic. Al Jazeera reported this week that Thailand hosted a total of 106,117 tourists in the first 10 months of 2021, a tiny fraction of the average 40 million tourists per year before the pandemic.

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Although the private sector appears ready to support this campaign, Supasorn warned that there is still a lot of work to be done within the government to prepare for the deployment of such an ambitious initiative focused on digital currency.

“Due to TAT’s status as a state-owned enterprise, we need to discuss many regulatory issues with related parties prior to implementation. And there are other preventative measures against cybercrime and customer protection as well. that we need to prepare, ”he said.