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Thailand is getting closer to implementing crypto tourism; only approval is required

Thailand is about to launch the TAT token, a virtual asset. However, the authority’s approval is still required. Thailand’s Tourism Authority (TAT) is in charge of the launch.

TAT believes the act will help to sustain the crypto tourism push. The campaign will target wealthy cryptocurrency owners who prefer to do business without the involvement of a third party. TAT has informed the Thai Stock Exchange about the adoption of a digital token.

The groundwork for the token launch has been laid out, with all of the necessary infrastructures in place. At the moment, only parliamentary approval is preventing the project from moving forward.

Bitkub instructs legislators to clear the token for distribution

Jirayut Srupsrisopa, CEO of Bitkub, addressed the conference and asked the parliament to approve the use of the TAT token.

Jirayut stated that the private sector could provide digital assistance. He went on to say that all they need are the powers to give them the go-ahead. As a result, he stated that a good legislative policy would ease the digital market.

Furthermore, Jirayut believes that strengthening the sector could increase Thailand’s GDP by six times. Before Covid-19, Thailand’s tourism industry was responsible for nearly 20% of the country’s GDP. As a result, Jirayut believes that implementing TAT will help steer the country’s economy in the right direction.

TAT governor Yuthasak Supasorn shed more light on the crypto tourism movement. He stated that the goal is to create a new tourism environment that uses digital technology. Furthermore, the move would allow cryptocurrency holders to make direct payments to the tourism industry. The governor stated that the move would eliminate brokers.

The TAT token has the potential to expand Thailand’s tourism industry

The governor sees the move as a brilliant way to energize the tourism industry. Covid-19 harmed the tourism industry by reducing cash flow. According to Aljazeera, Thailand received 106,117 visitors from January to October. Compared to a pre-pandemic annual average of 40 million visitors, this is a drop in the bucket.

Non-state actors are eager to lend their support to the campaign. However, the governor is aware of existing gaps that the legislature must fill. The success of this move will be determined by the policies and laws enacted by legislators.

TAT also emphasizes the importance of revisiting regulatory issues. Before the rollout, the entity wants all cybercrime rules to be clear.

According to Supasorn, several laws should be discussed with other departments. TAT is a state-owned enterprise, and all relevant sectors must contribute before the token is released.

Thailand will need to make significant efforts to regain its tourism status. TAT tokens will be critical in realizing this dream. Many cryptocurrency enthusiasts may seize the opportunity. Soon, the industry will revert to its former glory.

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