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Thailand should allow bitcoin payments in tourist areas, says former minister.
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According to Shinawatra, Trump’s return as president of the United States changes the economic game.
Thaksin Shinawatra, the former prime minister of Thailand, gave a lecture called “the global situation and the need to adapt” in which he highlighted the importance of bitcoin (BTC) and cryptocurrencies for the economy.
According to local media, the speech took place on Friday, December 13, at an event organized by the Pheu Thai political party. Currently, the leader of this group is Paetongtarn Shinawatra, Thaksin’s daughter and current Prime Minister of Thailand, who was present at the meeting.
During his speech, Thaksin expressed concern about the impact on Thailand of Donald Trump’s return as president of the United States. According to him, it is possible that he will adopt economic measures against his country due to the trade surplus, including an increase in tariffs.
Additionally, he noted that Trump could explore using bitcoin to pay off US debt. Given this, he considered it key that the Thai government study the situation to deal with this panorama and take advantage of the attributes of digital assets like BTC.
“I’m not saying buy it, but that’s the trend,” Thaksin clarified. Trump has said he will convert the US government’s holding of bitcoin from seizures into a strategic reserve asset. Furthermore, in the United States, as in other countries, there is a bill in place to acquire BTC, as reported by NoticiasVE.
“There are already many cryptocurrencies on the market, and there are those who predict that in the future there will be more currencies than countries. “Thais must understand and anticipate these changes.”
Thaksin Shinawatra, former Prime Minister of Thailand.
Thaksin proposes policies with bitcoin and cryptocurrencies that would raise GDP in Thailand
At the conference, Thaksin stressed that the prime minister may order that the Ministry of Finance establish a sandbox (test regulatory framework) to allow BTC payments in tourist destinations Phuket or Hua Hin. “Use Bitcoin for bitcoin holders to spend their money,” he said as a message to the government.
These statements occurred while bitcoin remains trading above 100,000 dollars (USD), amid optimistic projections for its market with the electoral victory of Donald Trump and the cycle of interest rate cuts in the economic power.
The former official explained that financial resources have been lost in Thailand due to the lack of loans from banks. Therefore, he stressed the need to inject money into the economic system, especially considering the high level of public debt.
In this context, he also indicated that The prime minister may urge that the Minister of Finance study the issuance of stablecoins instead of printing banknotes. According to his vision, the creation of assets backed by state bonds could facilitate the circulation of money in the economy.
“If we do this, I think that a gross domestic product (GDP) of 3.5% next year should not be a problem, and in 2026 a GDP of 4% should not be a problem either,” he said. In this way, as a government influencer, the former prime minister expressed the importance of carrying out policies with crypto assets to boost the economy.