Former Thai Prime Minister Thaksin Shinawatra has just made notable comments on the movements of the global economy, especially cryptocurrency and the impact of international politics.
He calls for Thailand to quickly adapt to new trends such as Bitcoin and stablecoin.
At the same time, he warned that the Thai trade sector should prepare for the possibility of Donald Trump being re-elected as President of the United States, which could lead to adverse moves for the country's economy.
Speaking at a seminar held in the resort town of Hua Hin on December 13, Thaksin presented his views on the future of currency.
He emphasized that most cryptocurrencies are now widely circulated, and in the near future, the number of currencies could surpass the number of countries in the world.
He suggested that Thailand consider accepting Bitcoin, especially at popular tourist destinations like Phuket and Hua Hin.
This is seen as an opportunity for tourists to own Bitcoin to use this cryptocurrency for spending, thereby boosting local economic growth.
Regarding the issue of stablecoin, Thaksin proposed that the Thai government issue stablecoins backed by government bonds.
He believes this is an effective solution to increase the circulation of money without needing to print more paper money, thereby contributing to expanding the money supply.
According to Thaksin, this policy will help the Thai economy grow faster, with GDP expected to reach 3.5% next year.
However, he also emphasizes that to maintain competitiveness with ASEAN countries, Thailand needs to raise GDP growth to 4% by 2026.
Additionally, Thaksin warned about the possibility of Donald Trump being re-elected as President of the United States, which could put Thailand under new trade pressure.
He assessed that Trump may implement tough measures to balance the U.S. trade deficit, in which Thailand is benefiting.
He even predicts that Trump could use Bitcoin as a tool to pay off national debt, opening up a global revolution in the use of currency.
Thaksin's remarks highlight the urgency for Thailand to adapt to the trend of global digital finance, while building a flexible economic strategy to cope with fluctuations in the international trade environment.
Thaksin defends the proposed VAT tax of 15%, saying that it aligns with global standards.
In the context of the Thai economy facing many challenges, Mr. Thaksin Shinawatra has spoken out about these issues.
He noted that banks are tightening credit, leading to a 'drain' of cash from the financial system.
This shortage situation prevents investment from growing. Thaksin emphasizes that the government needs to inject money into the economy but cannot rely on borrowing.
He also believes that public debt needs to be controlled and minimized. This is why Mr. Thepthai recommends that the Pheu Thai Party should focus on addressing this critical issue.
In addition, Mr. Thaksin also emphasized the role of the private sector. He provided an example of flood control projects in Bangkok, asserting that the private sector should increase investment in these projects, especially when government resources are limited.
He also expressed concern about the monopoly situation in the electricity supply sector. According to him, electricity prices need to be adjusted downwards to alleviate the burden on people.
Finally, Mr. Thaksin mentioned the proposal to increase VAT to 15%. He believes that the timing of this proposal is inappropriate, causing much confusion.
However, he still defends this tax rate, arguing that it is in line with international practices.
According to him, if Thailand implements a 15% VAT, businesses could use the savings from this policy to reinvest, creating dual benefits for businesses and the national economy.
