Cryptocurrency exchange Bitkub wants Thailand to promote “cryptourism”

EthereumEthereum
$1,981.73
3.33%
indianexpress.com9m ago

The Tourism Authority of Thailand (TAT) is planning to launch its own cryptocurrency token called TAT Coin, as part of its “cryptourism” campaign— an initiative aimed to attract some of those wealthy crypto investors, who can add to the country’s GDP.

Jirayut Srupsrisopa, founder and CEO of the cryptocurrency exchange Bitkub has urged Thailand’s authorities to launch the TAT coin, as per a report by Bangkok post.

It is worth noting that Thailand’s tourism sector is responsible for nearly 20 percent of the GDP before the pandemic. According to Srupsrisopa, cryptocurrency holders could transform Thailand’s economy if they settle in the country.

TAT has been in discussions with the Thailand Stock Exchange regarding the issuance of TAT Coin and is now awaiting approval from the Thai government. “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. Our national GDP could grow six times if we can strengthen this market,” he said, as quoted by Bangkok Post.

Srupsrisopa disclosed that the private cryptocurrency industry is willing to back the TAT coin. He, however, said that for that to happen, the government has to set up policies required to promote access to the cryptocurrency market.

Further, the CEO of Thailand’s homegrown cryptocurrency exchange also expects the Thai GDP to grow by over 600 percent—only if the government gives the cryptocurrency market the support it needs.

Meanwhile, Yuthasak Supasorn , Governor of the TAT, pointed out the need to examine the regulatory issues such as the risk of cybercrimes before the launch of TAT coin. “Due to the TAT’s status as a state enterprise, there are a lot of regulatory issues we need to discuss with related parties before implementation. And there are also other preventive measures against cybercrimes and customer protections we need to prepare,” he added.

Earlier in July 2021, the Bank of Thailand (BOT) had warned against using digital currencies in serving as payments for goods and services within the country.