Thailand’s Tourism Authority has announced plans to issue crypto token, TAT Coin, within its ‘cryptotourism’ plans to attract affluent cryptocurrency investors.

According to a Bangkok Post report, the CEO of crypto exchange Bitkub, Jirayut Srupsrisopa has pressed the government to issue the TAT Coin, claiming crypto investors have the potential to revolutionise Thailand’s economy.   

"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,” he said.

“Our national GDP could grow six times if we can strengthen this market," he went on to add.

In addition, Srupsrisopa said Thailand’s tourism authority is establishing the structure for expanding cryptocurrency adoption in the country, hoping it will be in place as global travel resumes to a pre-pandemic normality.

Tourism Authority of Thailand governor, Yuthasak Supasorn announced that talks regarding the plans have already been held between the Thai Securities and Exchange Commission (SEC), Bitkub Online Co, and the Bank of Thailand (BOT). He added that authorities in Thailand would set up a new division in 2022 for managing cryptocurrencies, establishing a wallet and creating a new tourist environment, says a Crypto NewsZ report.

Thailand’s tourism ministry is hoping to recover $80 billion in income lost during the coronavirus crisis. In 2019, around 40 million international tourists visited Thailand, generating some $60 billion.

Supasorn said the country’s tourism sector is predicted to return to pre-coronavirus levels by 2024. Around 1 million tourists are expected to visit Thailand in the first quarter of next year. In addition, Thai authorities forecast 10% of crypto holders will travel to Thailand next year.