Thai former prime minister Thaksin Shinawatra is pushing for radical reforms and proposing to allow the trading of stablecoin and the legalization of online gambling to open a new stream of billions.
He spoke on January 13 as reported by Reuters, noting that the legalisation of these sectors could represent a large boost to Thailand’s economy as well as bring about improvements in its financial and regulatory firm.
Thaksin Shinawatra Calls for Stablecoin Trade and Gambling Regulation
Thaksin said that the ‘’no risk’’ is associated with trading stablecoins and tokens that have ties to real assets. He urged the Thai SEC to approve such cryptocurrencies for trading as they may become a useful currency in the future.
Apart from the Cryptocurrencies, Thaksin also discussed the regulation of online betting where he estimated that Thailand has missed out on nearly $4 billion a year in taxes. To monitor comply with this Act, he wanted a style passport to track other gambling activities.
Thai Cabinet Approves Entertainment Complex Business Act
On the same day, Thailand’s cabinet approved the Entertainment Complex Business Act aimed at the legalization of casinos and entertainment complexes. This legislation intends to legalize the informal gambling sector, and after that, tax it successfully like the Singapore model.
Though the draft law has passed through the first reading and still, has to go through the House of Representatives approval, the move is likely to prop up tourism and boost the nation’s economy in the long run. These changes have been supported by the current Prime Minister Paetongtarn Shinawatra, Thaksin’s daughter and this has reinforced her father’s vision of modernizing Thailand’s economy.
Push for Crypto Adoption and Pilot Projects
Thaksin also suggested that Phuket should be the pilot city that will accept virtual currency as a means of payment, given its dependence on tourism. He reiterated that stablecoins backed by and anchored in real-world assets pose no risks and need to become part of the Thai financial system.
He urged the regulators to stand on the current cryptocurrency sandbox exercises and to adopt blockchain technology to create Thailand as the digital monetary hub.
Digital Baht and CBDC Progress
Thailand began the process of digital financial linking, including those with the social benefits given through the use of digital money in July 2024. About $280 per capita was delivered to 45 million citizens at a total cost of 13.8 billion to the government.
The Bank of Thailand also finished a retail CBDC pilot in April 2024 to disperse retail payments. Though the central bank does not expect to introduce the retail CBDC shortly, it remains in the process of finding innovative measures to augment the payment systems in the nation.
Supporting bitcoin usage which will be a revolutionary method of conducting financial transactions and supporting the legalization of online betting to help boost the economy are strategic and progressive ideas of Thaksin about the Thai economy.
