Former Thailand PM Thaksin Shinawatra has expressed his bullish predictions over legalizing crypto and online gambling. According to a Reuters report, the Former PM said that There is “no risk” in permitting the trading of stablecoins and other tokens backed by physical assets.
Thaksin Shinawatra also stated that these steps can be taken to create an additional source of income, while encouraging authorities to allow internet gambling.
Thaksin Speaks in Favor of Online Gambling
Thaksin claims that the Thai government is losing out on about $4 billion in tax revenue from internet gambling, which is equivalent to 100 billion Thai baht. He encouraged Thai officials to legalize the online gambling ecosystem while speaking at an event on January 13.
The suggestion was made just hours after Thailand’s cabinet authorized the Entertainment Complex Business Act, a draft bill that would legalize gambling and casinos. The bill intends to tax Thailand’s illegal gambling sector and permit the construction of casinos and entertainment facilities.
The initiatives come at a time when Thailand has already taken a crypto favoring stance.
Thailand Tests Pilot Initiative For Bitcoin Payment
In tandem with its crypto-favoring stance, Chunhavajira, Thailand’s Finance Minister and Deputy Prime Minister, had announced a ground-breaking pilot initiative to test bitcoin payments in Phuket in an effort to improve convenience and economic potential.
The Marketing Association of Thailand held a seminar on January 8th to announce the project, which will enable international travelers to use Bitcoin and other digital currencies to pay for goods and services.
Thaksin Shinawatra Urges Citizens to Remain Pro-Crypto
Thai citizens had been urged by former Prime Minister Thaksin to remain informed on Bitcoin regulations.
Former Thai Prime Minister Thaksin Shinawatra, who is also the father of the current Prime Minister, had said that his friends believe Bitcoin would hit $850,000 and that the Thai people should educate themselves about digital assets.
In addition to considering stablecoins backed by government bonds, the prime minister had ordered that study and efforts be initiated to make Bitcoin useable as payment, starting with tourist cities.
Additionally, Thailand saw Paetongtarn Shinawatra take the oath of office as the country’s second and youngest female leader. As a member of the influential Shinawatra family, which has long been a significant player in Thai politics, Paetongtarn is not just any politician.
Paetongtarn is well known for positively advocating blockchain technology and cryptocurrency. Her father, Thaksin, has been a vocal supporter of these technologies’ ability to transform countries and generate new riches, especially for young people with aspirations.