The Tourism Authority of Thailand (TAT) coin is looking forward to the legislator’s green light to get launched. The developers believe they are getting close to getting the government’s go-ahead. The developers created the token to attract traveling crypto enthusiasts and grow the GDP of Thailand.
Information About The TAT Coin
The organization had been developing the coin since the third quarter of this year to attract tourism from wealthy cryptocurrency enthusiasts. The organization has been talking with the country’s Stock Exchange to determine how the coins will be given out.
Bangkok Post reported on Wednesday that the framework for the coin was functional and set for launch. As expressed by the statement, all that is left is the government’s go-ahead. The CEO of Bitkub, Jirayut Srupsrisopa, a homegrown cryptocurrency exchange platform, spoke at a meeting on the 23rd of this month, urging the government to give the go-ahead.
Jirayut disclosed that the private cryptocurrency industry in the country is willing to give the TAT coin the necessary support. He, however, said that for that to happen, the government has to set up policies required to promote access to the cryptocurrency market. He projects a GDP growth of over 600% if the government gives the cryptocurrency market the support it needs.
Bangkok Post revealed that the governor of the Tourism Authority of Thailand, Yuthasak Supasorn, said the goal was to create a system where affluent cryptocurrency enthusiasts can transact directly with tourism operators in the country. Yuthasak believes that the move will boost businesses not receiving enough patronage due to the Coronavirus outbreak. A statement from Aljazeera revealed that the government had just received just a little over a hundred thousand people this year. These numbers are a long way off the estimated 40 million yearly pre-pandemic.
Thailand’s Approach To The Crypto Revolution So Far
Reuters reported that cryptocurrency-related businesses in Thailand are required to obtain permits from the government. The government classifies these businesses as financial institutions. Earlier in November, one of the biggest banks in the country, Siam Commercial Bank, revealed its plans to own 51% of a homegrown cryptocurrency exchange platform Bitkub.
Thailand seems to be incorporating this new asset class quite naturally into its economy. On the 28th of October, it was revealed that a superstore in the country was working on its cryptocurrency. Central Retail Corporation has created its token called C-Coin. The company has given out these tokens to its employees with plans to incorporate its customers in the future.
All of the information above implies a country ready for a big move like the TAT coin. The Tourism Authority of Thailand governor has, however, said that the government still has a lot of work to do before it can approve such a big cryptocurrency project. All view the project as a brainchild of the state. As such, there are a lot of regulations that need to be agreed on by all the parties that will be involved. The government also has to protect users from cybercriminals that might want to infiltrate the system.
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