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Thailand wants to boost its GDP through ‘cryptourism’

·2 min read

The Tourism Authority of Thailand (TAT) has confirmed it has been mulling the possible launch of its own utility token – dubbed TAT Coin – as part of a planned ‘cryptourism’ campaign.

Bosses at the tourism authority say they have already held talks with the Stock Exchange of Thailand regarding the digital currency’s issuance.

According to a recent report from the Bangkok Post, the infrastructure behind the TAT Coin is ready as it waits for the green light from the Thai government.

Jirayut Srupsrisopa the founder and CEO of local crypto exchange Bitkub said policymakers should approve the rollout of TAT Coin as soon as possible.

“Private sectors are ready to provide digital infrastructure, but we’re just waiting for the government to press the button by enacting laws, regulations or even policies to help facilitate digital asset markets,” he said.

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

Recently, Bitkub became Thailand’s latest start-up to be valued at more than $1bn after it sold a majority stake to the nation’s biggest bank by market value – Siam Commercial Bank Pcl.

The bank acquired 51% of Bitkub for approximately $535m, valuing the country’s largest crypto exchange operator at approximately $1,09bn.

Crypto-nomads to boost Thai real estate market

TAT governor Yuthasak Supasorn noted the ‘cryptourism’ campaign consisted of “building a new tourism ecosystem which utilises digital technologies to allow wealthy populations, including cryptocurrency holders, to channel their money directly to tourism operators without agents or brokers.”

Still, this is not the only way crypto nomads could help Thailand, according to Thai investment property developer Atanop Phanthukom. The CEO of Cissa Group claims they can also help boost the Thai real estate market as cryptocurrency-based nomads will become a variant to stimulate trading in the country.

“Due to the role of cryptocurrencies and their value as gold nowadays, which can be used to exchange goods and services in real life, cryptocurrency investors are considered a group of people with high purchasing power,” he said.

“Furthermore, cryptocurrency is acknowledged in many countries, while Thailand is in its early stages.”