Thaksin Shinawatra, the former prime minister of Thailand, has called for bold economic reforms, pushing for the legalisation of online gambling and the introduction of cryptocurrency as an official payment method in the country.
At the heart of his proposal is the belief that these sectors could generate billions in new revenue and create a modern, digital-first economy for Thailand.
Speaking at a public event in Bangkok on 13 January 2025, Thaksin, now 75, shared his plan to harness the massive online gambling industry, which he claims could add up to 100 billion baht ($2.89 billion) annually to government coffers.
Thaksin Shinawatra was the 23rd prime minister of Thailand, serving from 2001 to 2006.
Despite gambling being illegal in Thailand, it remains incredibly popular, with an estimated two to four million Thai users involved.
He said,
“Online gambling has two to four million Thai users with savings of 300 billion baht and gains and losses of about 500 billion per year.”
According to his calculations, if the government were to tax 20% of this market, it could generate over 100 billion baht annually.
A vocal supporter of gambling legalisation for years, Thaksin emphasised that it would create jobs and stimulate tourism.
Thaksin also discussed the importance of regulating online gambling responsibly.
He suggested creating a system that could act as a digital "passport" for gamblers, ensuring that only those of legal age could participate and allowing for the monitoring of gambling behaviour.
"We would have a passport to control who can play.”
This system would help manage the risks associated with gambling addiction while also ensuring the industry is adequately taxed.
Beyond gambling, Thaksin is pushing for Thailand to adopt a more progressive stance towards cryptocurrencies.
He singled out stablecoins—cryptocurrencies backed by real-world assets—as a stable and secure option for future financial transactions.
He referenced the upcoming administration of US President Donald Trump, who has shown support for deregulation of the crypto industry, as a signal for Thailand to also consider more progressive policies.
He addressed Thailand’s Securities and Exchange Commission (SEC), suggesting that allowing stablecoin trading could help position the country as a digital currency hub.
He urgued,
“There will be no risk, it is just another currency in the world.”
On the same day as Thaksin’s remarks, Thailand’s cabinet approved a draft law aimed at legalising casinos and entertainment complexes.
This bill, known as the Entertainment Complex Business Act, is expected to legalise the informal gambling sector and tax it in a manner similar to Singapore’s successful model.
Singapore’s casino tax rate
The bill still requires approval from the House of Representatives, but it reflects growing support for gambling legalisation, including from Thaksin’s daughter, Prime Minister Paetongtarn Shinawatra, who has backed her father’s vision for economic reform.
In a step toward integrating cryptocurrency into the Thai economy, the government is also planning a trial in Phuket, the country's popular resort island, where virtual currencies like Bitcoin could be used for transactions.
The pilot project is aimed at enhancing digital payments for international tourists and simplifying the process of property purchases.
Phuket was chosen due to its heavy reliance on tourism, making it an ideal location to trial cryptocurrency transactions.
The initiative will allow tourists to register their Bitcoin through a local exchange, verify their identities, and make purchases.
Deputy Prime Minister Pichai Chunhavajira, speaking on 8 January, highlighted how this initiative could help foreign nationals, especially refugees from the Russia-Ukraine conflict, bypass traditional currency conversion challenges.
Pichai Chunhavajira, Deputy Prime Minister of Thailand
The Thai government will ensure that transactions made using Bitcoin are converted into Thai baht through a clearinghouse to maintain a seamless process.
As part of its broader efforts to modernise the economy, Thailand has already made strides with digital financial services.
In July 2024, the government began distributing social benefits through digital money, delivering $280 per capita to 45 million citizens, totalling 13.8 billion baht.
Meanwhile, the Bank of Thailand completed a pilot of its retail central bank digital currency (CBDC) in April 2024, although it does not plan to introduce the CBDC imminently.
Thaksin’s proposals, along with the government’s ongoing digital currency trials and Prime Minister Paetongtarn Shinawatra’s backing, signal a willingness to innovate and keep Thailand competitive in the global market.
If implemented, this could significantly modernise Thailand’s economy.
Legalising online gambling and introducing cryptocurrencies would open new avenues for revenue and economic growth.
Satoshi Action Fund foundation is continuing to fight for Bitcoin and secure Bitcoin's place in U.S. Policy. In a recent tweet, Dennis Porter, the CEO and co-founder of Satoshi Action Fund shared that the organisation has raised $300,000 of its $500,000 fundraising goal, with two weeks remaining in the campaign.
XingChiBitcoin’s mining difficulty has hit an all-time high of 110.45 trillion, making it harder to mine new blocks. Meanwhile, mining revenue has dropped nearly 20%, signaling economic pressure on miners.
WeatherlyAfter its attempts to convert Amazon and Microsoft, The National center for Public Policy Research is now coming for one of the biggest tech giants out there, Meta. But just like many of the other tech companies out there, Meta is saying no to the think-tank's proposal as this might harbour too much of a risk for the company in the long run.
XingChiJamie Dimon, CEO of JPMorgan, reiterated his skepticism about Bitcoin, calling it "useless" and without intrinsic value, while highlighting its use in illegal activities. Despite Bitcoin's rise in popularity, Dimon remains unconvinced of its legitimacy and long-term value in the financial landscape.
AnaisEl Salvador continues to buy Bitcoin, including a recent purchase of 11 BTC, increasing its total holdings to over 6,000 BTC. President Bukele has also expressed interest in acquiring Bitcoin seized by the U.S. government, further solidifying the country’s commitment to cryptocurrency.
AnaisAnalyst are speculating that with a little over a week before Donald Trump regains his title as the President of the United States, the outgoing Joe Biden administration might be desperate to to sell off all of the government-held Bitcoin to thwart Trump's plan of creating a Bitcoin reserve.
XingChiStandard Chartered has launched digital asset custody services in Luxembourg, focusing on Bitcoin and Ether, to cater to institutional investors in Europe.
WeatherlyA 24-year-old Dutch law student, once regarded as a crypto genius, was arrested this week after going into hiding after being harassed by investor. The man, who styled himself as a crypto banker, was pursued by his investors after his trading scheme collapsed, leaving around 300 people, including friends and family with losses totaling up to 4.5 million Euros.
XingChiThailand authorities broke into a Bitcoin mining farm in the wee hours of the night and confiscated nearly 1,000 Bitcoin mining machines during a raid on the site located in the Phanat Nikhom district of Chonburi.
XingChiProminent authors sued OpenAI for copyright infringement by ChatGPT, highlighting legal, ethical, and technological debates on AI's use of copyrighted material and the need for balanced innovation and rights protection.
MiyukiGoldman Sachs was fined $512,500 by FINRA for failing to monitor trading activities properly, leading to missed alerts on potential market manipulation from 2009 to 2023.
WeiliangJanuary saw a 10.8% increase in crypto venture investments, with $650 million raised across sectors, highlighting sustained investor confidence and a growing interest in infrastructure, DeFi, and NFT/GameFi projects.
BrianCom2uS partners with Oasys to introduce Web3 gaming in Japan, aiming to launch innovative titles like "Summoners War: Chronicle" and "The Walking Dead: All Stars" leveraging blockchain technology. This collaboration signals a significant shift in the gaming industry, highlighting the potential for decentralized gaming experiences and player ownership.
JoyBitcoin surged past $50,000 due to increased institutional investment, driven by the approval of Spot Bitcoin ETFs and positive macroeconomic conditions. While retail participation remains subdued, experts anticipate further growth fueled by regulatory clarity and optimism surrounding the upcoming halving event in April.
JoySouth Korea tightens regulations on crypto exchanges to enhance oversight and consumer protection, aligning with global trends for clearer legal frameworks in the digital asset space. The measures include intensified scrutiny, license renewals, and investigations into alleged violations like OKX's unregistered operation.
JoyBinance founder CZ's sentencing for money laundering charges is postponed to April, stirring speculation. The delay raises questions about potential implications for the cryptocurrency industry amidst heightened regulatory scrutiny.
JoyGoogle's Gemini AI, formerly known as Bard, received upgrades, but users are cautioned against sharing confidential information due to human review processes. Concerns arise over data privacy as Google collects various user data to enhance its AI capabilities.
MiyukiBitcoin's recent surge to $50,000, driven by renewed investor interest and anticipation of the halving event, highlights its resilience and potential for further gains. Investors navigating the volatile crypto landscape should balance optimism surrounding the halving with caution, as reaching new highs remains uncertain amidst market realities.
WeiliangAhead of Bitcoin's upcoming halving, Litecoin's trading volume decreases, raising concerns among investors about its future performance amidst uncertainties. Meanwhile, KangaMoon disrupts the meme coin space with its innovative play-to-earn model, bridging gaming and social-fi elements, presenting a lucrative investment opportunity with its Stage 1 presale price and promising growth potential upon exchange listing in Q2 2024.
Alex