On December 13, the Pheu Thai Party held a workshop to enhance the capacity of members of parliament and political officials. The event was attended by Prime Minister Paethongtarn Shinawatra in his role as party leader, former Prime Minister Thaksin Shinawatra, Mr. Settha Thavisin, and other key party members.
As the keynote speaker, Mr. Thaksin Shinawatra delivered a speech on the topic 'Global Situation and Adaptation.' He expressed concerns about the possibility of Mr. Donald Trump, the elected President of the United States, being re-elected, predicting that this could lead Thailand to face unfavorable trade measures, especially due to the trade surplus between the two countries. He also warned about the potential for the United States to implement controversial policies, such as using Bitcoin to address public debt.
Thaksin Shinawatra – Former Prime Minister of Thailand
Experimenting with Bitcoin and Stablecoin
Mr. Thaksin revealed that former Prime Minister Yingluck had directed the Ministry of Finance to implement a sandbox program accepting payments in Bitcoin at major tourist destinations such as Phuket and Hua Hin. He emphasized that this initiative could help Bitcoin holders spend directly, thus boosting cash flow in the economy.
"What I mean is not to encourage buying, but just to point out the current trend. Many cryptocurrencies have emerged, and some opinions suggest that in the future, the number of currencies may even exceed the number of countries in the world. Thai people need to be aware and understand this trend clearly."
The Prime Minister may consider assigning the Ministry of Finance to study the feasibility of accepting Bitcoin. We can experiment in a sandbox environment at tourist areas like Phuket or Hua Hin, allowing the use of Bitcoin as a payment method so that those who own this cryptocurrency can spend directly.
The former Prime Minister shared that some of his friends predict that the price of Bitcoin could reach 850,000 USD in the future, emphasizing that Thai people should proactively learn and stay updated about digital assets, while affirming that this trend will definitely be reflected in government policies.
In addition, he proposed researching the issuance of stablecoins as an alternative to paper money. These digital currencies would be backed by government bonds, helping to inject capital into the economy without increasing the public debt burden.
Thailand aims to become Southeast Asia's fintech hub
In a related development, Mr. Nirun Fuwattananukul, CEO of Binance Thailand, stated that the domestic digital asset market is transitioning from a retail model to an institutional one. He expects the country to become a leading fintech hub in Southeast Asia.
He believes that the recent management moves by the Securities and Exchange Commission of Thailand (SEC) are an important step forward, paving the way for more institutional investment funds to participate in the market. This will not only diversify investment strategies but also promote the acceptance of digital assets in the mainstream trend.
In October, the Thai SEC announced a proposal to allow mutual funds and private funds to invest in digital assets. This regulation aims to meet the increasing demand from institutional investors and align with international trends.
The proposal also encourages securities and asset management companies to offer services related to cryptocurrencies such as exchange-traded funds (ETFs). The goal is to create more opportunities for investors to expand their portfolios safely and professionally.
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