Thailand’s former Prime Minister, Thaksin Shinawatra, has expressed optimism about the potential of cryptocurrencies to revolutionize the financial landscape in Thailand.  

According to a 14 January 2025 Reuters report, Shinawatra made a push for Thailand’s financial institutions to be more open to cryptocurrency, citing incoming US President Donald Trump’s pro-crypto stance.

“Thailand’s SEC needs to have more digital approach,” Shinawatra

According to local media reports, Thaksin suggested that Thailand should adopt global crypto trends, such as using Bitcoin for debt settlement and introducing Real World Asset (RWA) tokenisation – trading blockchain-based digital tokens representing tangible physical assets. 

He also unveiled plans for a cryptocurrency sandbox project in Phuket, where Bitcoin transactions would be state-managed to minimise risks.

Furthermore, Shinawatra insisted that the Thai SEC should have a more digital approach, like “like allowing trade of stablecoin, or coin that are backed by assets.” He also thinks that the appointment of Paul Atkins as the head of US Securities and Exchange Commission (SEC) is a very good sign.

Atkins served as an SEC commissioner from 2002 to 2008, and his background aligns closely with the cryptocurrency industry.

His biography on Patomak Global Partners’ website highlights his work with the Token Alliance, a crypto advocacy group, where he has been involved in developing best practices for digital asset issuances and trading platforms since 2017.

Explore: Donald Trump Picks Crypto Ally Paul Atkins As Next SEC Chair

Embracing Crypto Can Position Thailand As Regional Hub For Blockchain Development

Shinawatra highlighted that blockchain technology can be used as a tool for enhancing transparency, reducing transaction costs, and fostering innovation across various sectors.

According to him, embracing cryptocurrency could position Thailand as a regional hub for blockchain development and digital finance.

Shinawatra’s comments come at a time when cryptocurrency adoption is gaining momentum. He proposed implementing clear regulations to protect investors while encouraging innovation. This includes licensing crypto exchanges, establishing anti-money laundering (AML) protocols, and collaborating with international organizations to ensure compliance with global standards.

In fact, former Binance CEO Changpeng Zhao reposted this news on X.

Thailand’s former PM bullish on legalizing crypto, stablecoins and online gambling. https://t.co/2XB6zVq3VM

— CZ BNB (@cz_binance) January 14, 2025

Thailand Trials Bitcoin Payments In Tourism

Recently, the Thai government announced a pilot project allowing tourists to make payments using Bitcoin and other digital currencies in Phuket, one of the country’s most popular destinations.

According to local media reports, Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the plan during a seminar hosted by the Marketing Association of Thailand.

The initiative aims to attract tech-savvy travelers by offering seamless payment options that eliminate the need for cash or traditional banking systems.

Explore: This Week In Crypto Asia: Thailand Trials Bitcoin Payments In Tourism, While Indonesia Shifts Crypto Oversight To OJK

The post Thailand’s Former PM Advocates For Crypto Legalization, Suggests Using Bitcoin For Debt Settlement appeared first on 99Bitcoins.