Thailand’s ex-PM Thaksin has asked the Thai citizens to stay up to date with Bitcoin regulations.
On 13th December, Thaksin Shinawatra, the former prime minister of Thailand and the father of the current prime minister, stated that his friends think Bitcoin will reach $850,000 and that the Thai people should educate themselves.
He also stated that government policies will surely reflect this. The prime minister has directed that research and efforts be started to make Bitcoin usable for payment, beginning with tourist cities, and that stablecoins backed by government bonds be considered.
Thaksin Urges To Keep An Eye On Bitcoin
Thaksin stated that “What I am saying is not to buy it, but the trend is like that. There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries.”
He added, “Today, Thai people must think and understand this. The Prime Minister may assign the Ministry of Finance to study whether to accept Bitcoin or not. Can we use sandboxes in tourist areas such as Phuket or Hua Hin? Use Bitcoin to let people who hold Bitcoin use it to spend money.”
Mr. Thaksin also added that stablecoins are another intriguing topic. The Prime Minister might ask the Ministry of Finance to investigate whether issuing coins backed by government bonds can keep money flowing through the economy without printing any banknotes.
Thailand’s Current PM Stays In Favor Of Bitcoin
Paetongtarn Shinawatra, 37, was sworn in as the nation’s second and youngest female leader on August 18. Not just any politician, Paetongtarn is a member of the powerful Shinawatra family, which has been a major force in Thai politics for many years.
Paetongtarn is renowned for promoting cryptocurrencies and blockchain technology in a positive light. Thaksin, her father, has been an outspoken advocate of these technologies’ potential to change nations and create new wealth, particularly for aspirational youth.
He has suggested that blockchain technology could lead to a technological revolution and create “new millionaires,” likening its emergence to the early internet era.
Thailand Crypto Growth Expected To See Single Digit Rise
Thailand’s crypto growth is set to see single digit rise. It is anticipated that Thailand’s cryptocurrency market will generate US$502.8 million in revenue by 2024.
Assuming a 2.76% annual growth rate (CAGR 2024-2025), the revenue is expected to reach US$488.9 million by 2025. The cryptocurrency market is expected to generate an average of US$64.4 per user in 2024.
According to projections, the market for cryptocurrencies in Thailand is expected to have 10.86% of users in 2024 and 10.90% by 2025.
With its government aggressively promoting blockchain technology and establishing a supportive regulatory environment, Thailand is becoming a significant player in the cryptocurrency market.