Cryptocurrency Holders Have The Potential To Revolutionize Thailand's Economy.

Cryptocurrency Holders Have The Potential To Revolutionize Thailand's Economy.

2021-11-29 | Robin Williams

Cryptocurrency Holders Have The Potential To Revolutionize Thailand's Economy.

Cryptocurrency holders, according to Srupsrisopa, have the potential to revolutionize Thailand's economy if they establish in the nation. The Tourism Authority of Thailand (TAT) plans to issue TAT Coin, a cryptocurrency token, as part of its "cryptourism" campaign, which aims to lure some of those affluent crypto investors who may contribute to the country's GDP. According to the Bangkok Post, Jirayut Srupsrisopa, the creator and CEO of the cryptocurrency exchange Bitkub, has pushed Thailand's government to issue the TAT coin. It's worth mentioning that before the outbreak, Thailand's tourist sector accounted for roughly 20% of the country's GDP. Cryptocurrency holders, according to Srupsrisopa, have the potential to revolutionize Thailand's economy if they establish in the nation. TAT has been in talks with the Thailand Stock Exchange on the launch of TAT Coin, and the Thai government has given its approval. "The private sector is ready to offer digital infrastructure; all we need now is for the government to push the button by establishing laws, rules, or policies that would assist promote digital asset markets." If we can enhance this market, our national GDP may expand six times," he remarked, according to Bangkok Post. The private cryptocurrency business is eager to back the TAT coin, according to Srupsrisopa. However, he stated that in order for this to happen, the government must establish rules that favor entry to the bitcoin market. Furthermore, the CEO of Thailand's indigenous cryptocurrency exchange predicts a 600 percent increase in Thai GDP—but only if the government provides the cryptocurrency market with the necessary backing. Meanwhile, TAT Governor Yuthasak Supasorn emphasized the need to thoroughly examine regulatory problems such as the risk of cybercrime prior to the TAT coin's introduction. "Because the TAT is a state-owned firm, there are a number of regulatory problems that we need to negotiate with connected parties before going live." "There are also additional cybercrime prevention measures and client safeguards that we need to prepare," he added. The Bank of Thailand (BOT) had previously advised against utilizing digital currencies to pay for products and services within the nation in July 2021.

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