Former Thai Prime Minister Thaksin Shinawatra suggested legalizing online gambling and stablecoins to enhance the country's tax revenue.
Influence on Thai Regulation
Although Shinawatra is not part of the current administration, he remains influential in Thailand's politics. His daughter, Paetongtarn Shinawatra, serves as the prime minister. Shinawatra claimed that the Thai government is losing nearly $4 billion in tax revenue due to illegal online gambling. To rectify this, he proposed legalizing the sector.
Recommendations on Cryptocurrencies and Stablecoins
Shinawatra also recommended that Thailand's Securities and Exchange Commission permit the trade of stablecoins and other non-speculative tokens. He noted that stable currencies could enhance economic integration and provide new opportunities for digital payments.
Rising Interest in Digital Payments
In July 2024, Thailand distributed social benefits to 45 million citizens in digital form. Though the country's central bank completed a pilot retail CBDC project, there are no immediate plans for an official release.
Shinawatra's proposed initiatives could significantly increase state revenues and improve Thailand's economic situation.
