Thai Lawmakers Urged to Approve Tourism Cryptocurrency to Attract Digital Nomads

Thailand’s plan to boost its gross domestic product (GPD) by targeting crypto digital nomads is nearing realization, according to local media reports.

The Tourism Authority of Thailand (TAT) has been studying the launch of its own utility token, dubbed TAT Coin, since September as part of a planned “crypto tourism” campaign. The initiative is aimed at attracting crypto-rich digital nomads, and TAT has been in discussions with the Stock Exchange of Thailand regarding the launch of the TAT coin.

According to a Nov. 24 report by the Bangkok Post, the infrastructure behind TAT Coin is “ready” and is currently awaiting approval from the Thai government.

Jirayut Srupsrisopa, founder and CEO of local crypto exchange Bitkub, spoke at the "Transforming Tourism with Crypto Tourism" conference on Tuesday, urging policymakers to approve the launch of TAT Coin.

“The private sector is ready to provide the digital infrastructure, but we are just waiting for the government to push a button and help facilitate the digital asset market by creating laws, regulations and even policies.”

"If we can strengthen this market, our gross domestic product (GDP) could grow sixfold," he added.

According to the Bangkok Post, Yuthasak Supasorn, head of the Tourism Authority of Thailand, explained that crypto tourism activities include “creating a new tourism ecosystem that uses digital technology to allow wealthy people, including cryptocurrency holders, to send their money directly to to tour operators without the need for agents or brokers.”

Supasorn said the move would greatly help the recovery of local businesses, which have been affected by the lack of inflow of tourism funds due to the global pandemic. Al Jazeera reported this week that Thailand had a total of 106,117 tourists in the first 10 months of 2021, a fraction of the 40 million annual average before the pandemic.

While the private sector appears ready to support the campaign, Supasorn warned that there is still much work to be done within the government to prepare for the launch of such an ambitious digital currency-focused initiative.

“Due to the state-owned enterprise status of the Tourism Authority of Thailand, we need to discuss a lot of regulatory issues with relevant parties before implementing it. And there are other preventive measures against cybercrime and customer protection that we also need to prepare,” he said.