Bitkub cryptocurrency exchange wants Thailand to embrace crypto

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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 to attract some of these wealthy crypto investors, who may increase the country’s GDP.

Jirayut Srupsrisopa, founder and CEO of cryptocurrency exchange Bitkub, has urged Thai authorities to launch the TAT coin, according to a report from Bangkok Post.

It should be noted that Thailand’s tourism sector was responsible for almost 20% of GDP before the pandemic. According to Srupsrisopa, cryptocurrency holders could transform the Thai economy if they move to the country.

TAT has been in talks with the Thailand Stock Exchange regarding the issuance of TAT Coin and is now awaiting approval from the Thai government. “The private sectors are ready to provide digital infrastructure, but we are just waiting for the government to push the button by enacting laws, regulations or even policies to help facilitate markets for digital assets. Our national GDP could grow six times if we can strengthen this market, ”he said, quoted by Bangkok Post.

Sripsrisopa has revealed that the private cryptocurrency industry is willing to support the TAT coin. He said, however, that for this to happen, the government must put in place the necessary policies to promote access to the cryptocurrency market.

In addition, the CEO of Thailand’s local cryptocurrency exchange also expects Thailand’s GDP to grow by over 600%, only if the government gives the cryptocurrency market the support it needs. .

Meanwhile, TAT Governor Yuthasak Supasorn stressed the need to consider regulatory issues such as the risk of cybercrime before the TAT coin is launched. “Due to TAT’s status as a state-owned enterprise, we need to discuss many regulatory issues with related parties prior to implementation. And there are also other preventive measures against cybercrime and customer protection that we need to prepare, ”he added.

Earlier in July 2021, the Bank of Thailand (BOT) warned against using digital currencies to serve as payment for goods and services in the country.

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