Thailand is planning its own utility tokens for tourists

Thailand: Beach, picturesque islands, vacation, relaxation – and now your own utility token? All about the Thai Tourism Authority (TAT) crypto plans.

Like the “Bangkok Post” on September 29th announced, the Thai Tourism Authority (TAT) is currently investigating whether a utility token of its own could have a positive effect on the country’s travel industry. According to the motto of TAT, Thailand could bring in a profitable piece of the crypto cake with its own utility token. So far, the use case of such a token has only said that vouchers could be converted into digital tokens.

However, the Thai tourism authority still has a long way to go before it can be launched. Yuthasak Supasorn, the chairman of TAT, commented appropriately:

We need to prepare the digital infrastructure and digital competence of our tourism providers in order to start crypto-tourism. Because the traditional business model may not be able to keep up with the new changes.

Yuthasak Supasorn, TAT Chairman

Yuthasak Supasorn said TAT is currently in talks with the Thai stock exchange. Together they want to think about the feasibility of a possible utility token. Because the TAT itself is a state organization, which is why it has to take special care to work in harmony with the other authorities in the country and to observe all relevant government regulations. It must first be determined whether the TAT is even authorized to issue such a utility token. TAT relies on Bitkub to have a competent partner by their side for their plans. The number one Thai crypto exchange, as Bitkub calls itself, is betting $ 76 million a day in crypto trading around.

Short-term impulse for Thailand

Thailand had $ 65.082 billion from tourism in 2019 implemented. By comparison, Thailand’s total GDP in the same year was $ 544.264 billion. The tourism industry alone was responsible for 8.36 percent of GDP in 2019. This makes tourism an important pillar for the Thai economy. This is also mentioned by Yuthasak Supasorn. He also expects the new utility token to provide a short-term push for the tourism industry in his country. The utility token could improve the competitiveness of the Thai tourism industry, according to Supasorn. In the best case scenario, the utility token could help improve the crypto atmosphere in the country, heal the damage caused by the corona crisis and ultimately attract crypto supporters from all over the world to Thailand.