Thaksin Shinawatra Supports Legalization of Online Gambling and Cryptocurrency in Thailand
The ex-Thai prime minister suggests legalizing online gambling as a major source of revenue and encourages financial institutions to adopt cryptocurrency.
Thaksin Shinawatra, a prominent figure in Thai politics, has advocated for the legalization of online gambling and the introduction of more progressive cryptocurrency regulations, suggesting these measures could significantly enhance Thailand's economy.
Addressing attendees at a Bangkok event, Thaksin, who continues to wield influence in Thai politics without holding any official government position, stated that online gambling could potentially generate up to 100 billion baht (about 2.89 billion USD) in annual government revenue.
This suggestion follows the Thai Cabinet's approval of a draft law seeking to legalize casinos, marking a step toward more comprehensive gambling reforms in the country.
Thaksin highlighted that despite online gambling being technically illegal in Thailand, it remains prevalent, with millions of Thais spending large sums on gambling each year.
He estimated that Thailand's online gambling market currently includes two to four million users, with about 300 billion baht in savings and 500 billion baht in annual financial transactions.
By imposing a 20% tax on online gambling, Thaksin proposed that the government could collect over 100 billion baht annually.
He also presented potential regulatory measures, such as a digital identification system to monitor gambling platform access, prevent underage gambling, and tackle addiction issues.
This system could operate similarly to a passport, although Thaksin did not elaborate on its specific implementation.
While gambling is largely illegal in Thailand, it remains a contentious topic, with supporters suggesting that legalization and regulation could create jobs, attract tourists, and increase state revenues.
Thaksin's political impact is linked to his support for comparable reforms, as he has promoted economic policies aimed at increasing revenue streams and enhancing living standards.
Besides supporting gambling reforms, Thaksin also advocated for a more progressive attitude toward cryptocurrency.
He noted the increasing global acceptance of digital currencies and cited U.S. President Donald Trump’s support for crypto as a model for Thailand.
Thaksin urged Thailand's Securities and Exchange Commission (SEC) to adopt a more digital-friendly stance, permitting the trading of stablecoins and asset-backed cryptocurrencies.
Thailand is already considering integrating cryptocurrency into its financial system, with Phuket being considered for a pilot program.
Thaksin assured the public that cryptocurrencies pose no intrinsic risk but are merely another form of global currency.
As Thailand considers legalizing online gambling and embracing cryptocurrency, Thaksin’s remarks add significant weight to the current discourse on the future of the nation’s economic policies and its role in the global financial arena.
Addressing attendees at a Bangkok event, Thaksin, who continues to wield influence in Thai politics without holding any official government position, stated that online gambling could potentially generate up to 100 billion baht (about 2.89 billion USD) in annual government revenue.
This suggestion follows the Thai Cabinet's approval of a draft law seeking to legalize casinos, marking a step toward more comprehensive gambling reforms in the country.
Thaksin highlighted that despite online gambling being technically illegal in Thailand, it remains prevalent, with millions of Thais spending large sums on gambling each year.
He estimated that Thailand's online gambling market currently includes two to four million users, with about 300 billion baht in savings and 500 billion baht in annual financial transactions.
By imposing a 20% tax on online gambling, Thaksin proposed that the government could collect over 100 billion baht annually.
He also presented potential regulatory measures, such as a digital identification system to monitor gambling platform access, prevent underage gambling, and tackle addiction issues.
This system could operate similarly to a passport, although Thaksin did not elaborate on its specific implementation.
While gambling is largely illegal in Thailand, it remains a contentious topic, with supporters suggesting that legalization and regulation could create jobs, attract tourists, and increase state revenues.
Thaksin's political impact is linked to his support for comparable reforms, as he has promoted economic policies aimed at increasing revenue streams and enhancing living standards.
Besides supporting gambling reforms, Thaksin also advocated for a more progressive attitude toward cryptocurrency.
He noted the increasing global acceptance of digital currencies and cited U.S. President Donald Trump’s support for crypto as a model for Thailand.
Thaksin urged Thailand's Securities and Exchange Commission (SEC) to adopt a more digital-friendly stance, permitting the trading of stablecoins and asset-backed cryptocurrencies.
Thailand is already considering integrating cryptocurrency into its financial system, with Phuket being considered for a pilot program.
Thaksin assured the public that cryptocurrencies pose no intrinsic risk but are merely another form of global currency.
As Thailand considers legalizing online gambling and embracing cryptocurrency, Thaksin’s remarks add significant weight to the current discourse on the future of the nation’s economic policies and its role in the global financial arena.
