Former Thai PM Urges Stablecoin Adoption and Online Gambling Legalization to Boost Economy

Former Thai Prime Minister Thaksin Shinawatra has called for Thailand to embrace stablecoins and legalize online gambling.

Speaking on January 13, Thaksin highlighted how stablecoin adoption and regulated online gambling could provide new revenue streams and modernize Thailand’s economy.

Thaksin estimates the government could collect up to $4 billion annually by taxing the country’s online gambling sector, which serves millions of users. He proposed a passport-style system to monitor gambling activity and ensure compliance. His remarks come shortly after Thailand’s cabinet approved the Entertainment Complex Business Act, a draft law aimed at integrating casinos and underground gambling operations into the formal economy. The law, inspired by Singapore’s success in boosting tourism and GDP, awaits approval by the House of Representatives.

Advocating for cryptocurrency adoption, Thaksin urged regulators to allow stablecoin trading, calling them a low-risk asset that could expand Thailand’s financial ecosystem. He suggested using Phuket as a testing ground for crypto payments, further positioning the country as a hub for digital innovation.

Thailand has already made strides in digital finance, including distributing social benefits via digital money and piloting a retail central bank digital currency (CBDC). While the Bank of Thailand has no immediate plans to launch a CBDC, it continues exploring new opportunities to enhance the nation’s payment systems. Thaksin’s vision reflects a progressive approach to financial reform, focusing on innovation and economic growth.