Former Thai Prime Minister Thaksin urges the adoption of stablecoins to boost Thailand's revenue

2025-01-14 17:41:49

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ChainCatcher news, according to Cointelegraph, former Thai Prime Minister Thaksin Shinawatra stated that allowing the trading of stablecoins and other asset-backed tokens "poses no risk," and urged regulators to legalize online gambling to increase revenue. He pointed out that the Thai government currently loses about $4 billion (100 billion baht) in online gambling tax revenue each year. The Thai Cabinet has approved the draft of the "Entertainment Complex Management Act," aimed at legalizing casinos and the gambling industry.

Although Thaksin is not part of the current government, he still holds significant influence in politics through his daughter, current Prime Minister Prayut Chan-o-cha. He suggested that the Thai Securities and Exchange Commission (SEC) allow stablecoin trading and proposed Phuket as a pilot area for cryptocurrency payments. He emphasized, "This poses no risk; it's just another currency in the world."

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