September 30, 2021

Thailand Wants to Boost Cryptourism Tourism Sector Using Crypto

 The Tourism Authority of Thailand stands out from other countries through the introduction of a cryptocurrency, TAT Coin which is specific to the tourism sector in the country.

The decision was taken following the opportunity that started from the growth of the number of owners and investors of cryptocurrencies.

For now, the agency is in discussions with the Stock Exchange of Thailand regarding digital tokens that will be used along with vouchers. However, TAT Coin is not allowed for trading activities.

This effort known as "cryptourism" will begin with the offering of bitcoin debit cards at airports where tourists who use the cryptocurrency can take advantage of it while on vacation.

However, to proceed with the plan, the travel agency will also need to obtain legal approval from the Securities and Exchange Commission (SEC) of Thailand.

So far, Thailand is still restricting crypto trading activities. In May, the Kingdom’s Anti-Money Laundering Office introduced strict Know Your Customer (KYC) as a measure to protect crypto users.

Not enough of that, the Bank of Thailand has dropped the use of stablecoin known as the Thai Baht (THT) as it poses a threat to the local currency.