Thaksin Shinawatra Promotes Legalization of Online Gambling and Cryptocurrency in Thailand
The ex-Thai prime minister suggests that legalizing online gambling could be a major source of revenue and encourages banks to adopt cryptocurrency.
Thaksin Shinawatra, a prominent Thai political figure, has advocated for the legalization of online gambling and friendlier regulations for cryptocurrency, arguing that these changes could greatly enhance the country's economy.
During a Bangkok event, Thaksin, who retains considerable influence in Thai politics despite not holding an official government position, claimed that online gambling could yield up to 100 billion baht (around 2.89 billion USD) in annual revenue for the government.
This proposal follows the Thai Cabinet's approval of a draft law to legalize casinos, marking progress toward broader gambling reform.
Thaksin highlighted that although online gambling is technically illegal in Thailand, it remains prevalent, with millions of Thais spending large sums annually on gambling.
He estimated that Thailand's online gambling market currently involves two to four million users, with about 300 billion baht in savings and 500 billion baht in annual gains and losses.
Thaksin suggested that a 20% tax on online gambling could generate over 100 billion baht in revenue each year.
He also proposed regulatory strategies like introducing a digital ID system to oversee access to gambling platforms, minimize underage participation, and address issues such as gambling addiction.
This system could operate like a passport, though he did not elaborate on its implementation.
Despite gambling being largely illegal in Thailand, it remains a controversial topic, with supporters arguing that legalizing and regulating the industry could create jobs, draw tourists, and increase state revenue.
Thaksin’s political legacy is associated with pushing for similar reforms, as he has promoted economic policies aimed at diversifying revenue sources and raising living standards.
Beyond advocating for gambling reform, Thaksin also supported a more forward-thinking approach to cryptocurrency.
He noted the global acceptance of digital currencies and referenced U.S. President Donald Trump’s pro-cryptocurrency stance as a model for Thailand.
Thaksin called for Thailand's Securities and Exchange Commission (SEC) to take a more digital-friendly approach, enabling the trading of stablecoins and asset-backed cryptocurrencies.
Thailand is already considering integrating cryptocurrency into its financial system, with Phuket identified as a potential site for a pilot program.
Thaksin assured the public that cryptocurrencies pose no inherent risk, viewing them as another form of global currency.
As Thailand considers the possibility of legalizing online gambling and embracing cryptocurrency, Thaksin's remarks contribute significantly to ongoing discussions about Thailand’s economic policy future and its role in the global financial arena.
During a Bangkok event, Thaksin, who retains considerable influence in Thai politics despite not holding an official government position, claimed that online gambling could yield up to 100 billion baht (around 2.89 billion USD) in annual revenue for the government.
This proposal follows the Thai Cabinet's approval of a draft law to legalize casinos, marking progress toward broader gambling reform.
Thaksin highlighted that although online gambling is technically illegal in Thailand, it remains prevalent, with millions of Thais spending large sums annually on gambling.
He estimated that Thailand's online gambling market currently involves two to four million users, with about 300 billion baht in savings and 500 billion baht in annual gains and losses.
Thaksin suggested that a 20% tax on online gambling could generate over 100 billion baht in revenue each year.
He also proposed regulatory strategies like introducing a digital ID system to oversee access to gambling platforms, minimize underage participation, and address issues such as gambling addiction.
This system could operate like a passport, though he did not elaborate on its implementation.
Despite gambling being largely illegal in Thailand, it remains a controversial topic, with supporters arguing that legalizing and regulating the industry could create jobs, draw tourists, and increase state revenue.
Thaksin’s political legacy is associated with pushing for similar reforms, as he has promoted economic policies aimed at diversifying revenue sources and raising living standards.
Beyond advocating for gambling reform, Thaksin also supported a more forward-thinking approach to cryptocurrency.
He noted the global acceptance of digital currencies and referenced U.S. President Donald Trump’s pro-cryptocurrency stance as a model for Thailand.
Thaksin called for Thailand's Securities and Exchange Commission (SEC) to take a more digital-friendly approach, enabling the trading of stablecoins and asset-backed cryptocurrencies.
Thailand is already considering integrating cryptocurrency into its financial system, with Phuket identified as a potential site for a pilot program.
Thaksin assured the public that cryptocurrencies pose no inherent risk, viewing them as another form of global currency.
As Thailand considers the possibility of legalizing online gambling and embracing cryptocurrency, Thaksin's remarks contribute significantly to ongoing discussions about Thailand’s economic policy future and its role in the global financial arena.
