Thailand Welcomes Crypto-Friendly Prime Minister with a History of Personal Crypto Investment

In a surprising turn of events, Srettha Thavisin, a prominent real estate developer, has emerged as Thailand’s new Prime Minister under the banner of the Pheu Thai party, following a hotly debated election process. Thavisin, previously renowned as the CEO of Sansiri, a prominent real estate firm, has taken the political stage, marking a notable shift from his prior corporate endeavors.

Prior to his political foray, Thavisin had a strong foothold in the real estate landscape, particularly in the digital asset sector. Back in 2021, Sansiri made significant waves by acquiring a 15% stake in XSpring, a Thailand-based digital asset service provider. XSpring is recognized for its collaboration with Krungthai Bank in operating a crypto brokerage, in addition to holding a license for an ICO portal. This move by Sansiri highlighted their strategic involvement in the evolving digital asset realm within Thailand.

Building on this momentum, Sansiri introduced the “SiriHub Token” via XSpring in the subsequent year. This innovative step introduced a REIT-like structure tied to dividends generated from Sansiri Campus, a major developmental project undertaken by the company.

An Ambitious Campaign Promise: The National ‘Airdrop’

At the core of Thavisin’s political campaign lies a bold commitment: the implementation of a nationwide ‘airdrop.’ This proposed initiative would entail delivering 10,000 Thai baht (equivalent to $300) to every eligible Thai citizen. However, there’s an interesting twist—these funds can only be expended within a four-kilometer radius of the recipient’s residence. A spokesperson from the party clarified this unique approach to the Bangkok Post.

Notably, this airdrop would be facilitated through a distinct form of national token, deviating from existing digital assets or cryptocurrencies. Vendors participating in this scheme would have the option to convert the tokens into cash at designated banking institutions.

Scrutiny and Optimism: The Unveiled Project

The ambitious ‘airdrop’ endeavor has garnered a fair share of scrutiny due to its substantial cost, estimated at a staggering 500 billion Thai baht (equivalent to $14.3 billion). Furthermore, questions have been raised about the utilization of blockchain technology in a landscape where established digital banking initiatives are already in practice.

Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, has been vocal about his reservations. He stated, “While I want to see an adoption of Blockchain here, using blockchain and tokens for this campaign is an overkill.” Rakwongwan further emphasized that the majority of the Thai population is already acclimated to utilizing Paotang, a digital banking wallet specifically designed for government-driven initiatives. He posits that leveraging Paotang might offer a more straightforward and practical implementation as opposed to delving into potentially intricate blockchain solutions.

Despite the skepticism, industry insiders like Rakwongwan anticipate that the new administration will likely take a more permissive stance on cryptocurrency regulations, catalyzing a surge in domestic crypto projects. This projection is fueled by the rapidly evolving crypto landscape within Thailand, a trend that has been exemplified by Sansiri’s engagement in ICOs.

A Common Thread: Crypto Enthusiasm Amongst Divergent Leaders

Curiously, while Srettha Thavisin’s political trajectory diverges significantly from Pita Limjaroenrat, the leader of Thailand’s Move Forward Party, both share an unexpected affinity for cryptocurrencies. Limjaroenrat, despite failing to secure the Prime Ministerial role despite winning the popular vote, has publicly disclosed his holdings in bitcoin (BTC), ether (ETH), Cardano (ADA), and BNB.

Though these crypto holdings constitute only a fraction of their overall wealth, the fact that two prominent political figures within the nation are ‘HODLers’ signifies the growing presence of cryptocurrencies in mainstream discourse.

In essence, Thailand’s political landscape is undergoing a notable transformation with the entrance of Srettha Thavisin, who brings his real estate and digital asset expertise into the realm of governance. As the nation grapples with the implications of the proposed ‘airdrop’ and its alignment with existing digital banking frameworks, industry observers keenly await how the administration will influence the trajectory of the crypto landscape, fostering a potentially dynamic environment for innovation and growth.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you