Thaksin pointed out that the Thai government is losing around $4 billion (100 billion Thai baht) in tax revenue from online gambling. Speaking at an event on January 13, he urged Thai authorities to legalize the online gambling ecosystem.

This recommendation came shortly after Thailand’s cabinet approved the draft of the Entertainment Complex Business Act. The bill aims to allow the establishment of entertainment complexes and casinos and to tax Thailand’s underground gambling industry.

Political Influence on Thai Regulations

Although Thaksin is not part of the current administration, he still holds significant political influence in Thailand. His daughter, Paetongtarn Shinawatra, is currently the country’s prime minister.

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When the draft law was approved, the current Prime Minister highlighted Singapore’s similar implementation, which had a positive impact on the island nation’s tourism and GDP.

Adoption of Crypto and Stablecoins

Thaksin developed his previous recommendations on cryptocurrencies and urged for the adoption of stablecoins and other non-volatile cryptocurrencies. He called on Thailand’s Securities and Exchange Commission (SEC) to allow the trading of stablecoins.

Additionally, Thaksin mentioned that Phuket could be a suitable pilot area for testing crypto payment systems. “There is no risk; it is just another currency in the world,” he said.

Digital Baht Payments and Rising Interest

In July 2024, Thailand distributed social benefits to 45 million citizens in digital money. The payments aimed to stimulate the economy, with eligible Thais receiving about $280, costing the government $13.8 billion.

The Bank of Thailand completed a retail central bank digital currency (CBDC) trial in April 2024. At the conclusion of the project, the bank announced there were no immediate plans to officially issue a retail CBDC but would continue to use the insights gained for future studies on improving the payment system.

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