The Tourism Authority of Thailand (TAT) is considering creating its own utility token to capitalize on the growing popularity of cryptocurrencies.

Named afterward the agency's acronym, the plan to launch TAT Coin volition accept to navigate through Thailand's complex legal framework and regulations before coming to life.

The Bangkok Post reported on Midweek that the TAT is in discussions with the Stock Exchange of Thailand regarding its ambitions and how the transfer of value can be achieved without introducing the speculative aspects of trading.

TAT Coin "would involve the transfer of vouchers into digital tokens that could help operators proceeds greater liquidity," co-ordinate to the report.

Yuthasak Supasorn, governor of TAT, said he values the potential that technologies like cryptocurrencies have to offering and believes it is a smashing opportunity for the Thai tourism industry to boost competitiveness in the brusque term by alluring cryptocurrency holders:

"We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism every bit the traditional business model might not be able to go along upwards with the new changes."

The TAT'south long-term ambitions would see information technology partner with the local Bitkub substitution to develop a tourism platform featuring TAT Coin and possibly nonfungible tokens (NFT). Although Thailand is among the first countries in Southeast Asia to enact cryptocurrency legislation, NFTs are not yet legal.

Related: Thailand'due south central banking concern outlines safeguards for a future retail CBDC

On Monday, the Thai government announced it would waive quarantine for vaccinated travelers in Bangkok and ix other provinces from Nov. 1 onward in hopes to revive the economy, which has been one of the slowest in East asia and the Pacific to recover from the pandemic.

"The Thai economic system will likely crave a longer time to rebound owing to filibuster in foreign tourist return," said Kiatipong Ariyapruchya, senior land economist of the Earth Depository financial institution for Thailand.

The World Bank released a report on Tuesday, further cutting Thailand's economic growth forecast in 2022, bringing information technology down to 1%.

As Cointelegraph has reported, crypto assets offer an culling solution to transform government services and promote economic growth in the region.