Former Thailand Prime Minister calls for legalisation of cryptocurrencies
Former Thai Prime Minister Thaksin Shinawatra has proposed legalizing online gambling and adopting stablecoins to boost Thailand’s economy. Shinawatra claims these measures could generate significant revenue and modernize the nation’s financial system w
Former Thai Prime Minister Thaksin Shinawatra has proposed legalizing online gambling and adopting stablecoins to boost Thailand’s economy.
Shinawatra claims these measures could generate significant revenue and modernize the nation’s financial system without substantial risks, reports Cointelegraph.
$4 Billion Opportunity in Online Gambling
Speaking at an event on January 13, Shinawatra highlighted that Thailand could collect up to $4 billion annually in tax revenue by legalizing online gambling. He urged the government to formalize the industry, noting that 2–4 million Thai users participate in underground gambling, handling transactions worth about $14 billion annually. Taxing 20% of these activities could yield over $4 billion for the Thai treasury.
The proposal aligns with the recently approved draft Entertainment Complex Business Act, which aims to legalize casinos and regulate the gambling sector. Shinawatra pointed to Singapore’s successful gambling framework, which bolstered tourism and GDP, as a model for Thailand to follow.
Stablecoins as a Safe Bet
Shinawatra also called for the Securities and Exchange Commission (SEC) of Thailand to permit trading in stablecoins and asset-backed tokens. Emphasizing the low-risk nature of such cryptocurrencies, he suggested using the Thai city of Phuket as a pilot site for crypto payments, further positioning Thailand as a regional hub for digital finance.
“There will be no risk; it is just another currency in the world,” Shinawatra stated, urging regulators to expand sandbox experimentations to study cryptocurrencies’ potential.
Progress in Digital Finance and CBDCs
Thailand has already taken significant steps toward digital payments. In July 2024, the government distributed $13.8 billion in digital currency for social benefits, with each eligible citizen receiving around $280. Moreover, the Bank of Thailand completed a pilot retail central bank digital currency (CBDC) project in April 2024, though it stated it had no immediate plans for an official rollout.
Next Steps for Economic Transformation
With Thaksin’s daughter, Paetongtarn Shinawatra, serving as Thailand’s prime minister, his proposals could gain traction. The legalization of online gambling and the adoption of stablecoins represent bold steps toward modernizing the Thai economy and diversifying its revenue streams. However, these measures will require legislative approval and thoughtful implementation to balance innovation with regulation.
Recently we wrote, that New Hampshire and North Dakota are advancing legislation aimed at integrating digital assets into state reserves, signaling a growing trend of state-level crypto adoption in the U.S.
