Thailand is said to be nearing the launch of a utility crypto token, called the TAT Coin.

The Tourism Authority of Thailand (TAT) has been working on its own crypto since September, according to local media reports, and it hopes the initiative will attract ‘crypto wealthy digital nomads’ to the country.

The TAT Coin is expected to feature on Bitkub, a Thai cryptocurrency exchange.

Approval may help Thailand’s GDP, according to Jirayut Srupsrisopa, the founder and chief executive of Bitkub, who said “national GDP could grow six times if we can strengthen this market”.

A report by the Bangkok Post this week claimed that the infrastructure behind the coin is ready to go, with approval from the Thai government the final hurdle.

TAT governor Yuthasak Supasorn said that whilst the private sector is ready for the coin, there is still work to do within the government until it is approved.

“Due to the TAT’s status as a state enterprise, there are a lot of regulatory issues we need to discuss with related parties before implementation.”

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