Shinawatra: Legalizing Online Gambling and Stablecoins in Thailand

by Giorgi Kostiuk

a year ago

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.

"Online gambling has two to four million Thai users with savings of 300 billion baht and gains and losses of about 500 billion per year. If we can tax 20% [...] we would get more than 100 billion per year."Thaksin Shinawatra

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.

"There will be no risk; it is just another currency in the world."

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.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

New Avenues for Individual Investment in Green Bonds

Various channels exist for individual investors to access green bonds, including funds, ETFs, and online platforms.

Maya Lundqvist3 minutes ago

Green Bonds: A Dual Mandate of Financial Prudence and Social Responsibility

Investing in green bonds meets the dual goals of financial prudence and social responsibility, providing stable income and risk mitigation against climate change.

Tomas Novak3 minutes ago

Future Gas Limit Increases Expected for Ethereum

Future gas limit increases for Ethereum are expected in 2026, with projections between 100 million and 200 million, aimed at meeting transaction demands while ensuring decentralization and security.