Former Thai PM Urges Crypto and Gambling Legalization

Thaksin Shinawatra, the former Prime Minister of Thailand, recently shared some interesting ideas on how Thailand could boost its revenue and innovation.

On legalizing online gambling, Thaksin said the government is missing out on almost $4 billion in tax revenue by keeping it illegal. He recommends legalizing and taxing the industry, saying “We would have like a passport system to control who can play.” Makes sense to me – better to regulate it than leave it underground.

Thaksin also urged adopting stablecoins and cryptocurrencies, saying the Thai city of Phuket could pilot test crypto payments. There’s real potential for crypto to drive economic growth if managed properly.

His ideas could gain traction too, since his daughter Paetongtarn is the current Thai Prime Minister. Even though Thaksin himself is no longer in office, he still has political clout.

Thailand has already been moving towards digital money in other ways as well. Last year it distributed relief funds to citizens in digital form.