Hello, dear reader! In this article, I will tell you about the recent political development in Thailand and how it relates to the crypto ecosystem. You may have heard that Thailand has a new prime minister, Srettha Thavisin, who is a former real estate tycoon and a crypto enthusiast. But what does this mean for the future of crypto in Thailand and beyond? Let’s find out!

Who is Srettha Thavisin?

Srettha Thavisin is the president and CEO of Sansiri, one of the country’s largest real estate developers and an active investor in Thailand’s digital asset industry. He was elected as Thailand’s next prime minister on August 22, 2023, after receiving 482 out of a possible 747 votes in parliament. He was the only candidate nominated by the Pheu Thai Party, which is the largest opposition party in Thailand. He will become prime minister after receiving approval from the King of Thailand, King Maha Vajiralongkorn.

Photo of Srettha Thavisin by Wikimedia Commons

What are his views on crypto?

Srettha Thavisin is a pro-crypto politician who has promised to support the development of the crypto ecosystem in Thailand. He has said that his goal is to improve the country and the economy and that his enemies are poverty and inequality. One of his campaign promises was to reintroduce a national “airdrop” where each Thai citizen over the age of 16 will receive 10,000 Thai baht ($300) in crypto. According to a spokesperson for the Pheu Thai Party, the 10,000 Thai baht can only be spent within a four-kilometer range of their homes. The airdrop will use a form of national token, not an existing digital asset or crypto. Business owners can convert the national token to cash at designated banks.

Why is this important for the crypto ecosystem?

🌎 The election of Srettha Thavisin as Thailand’s next prime minister could have significant implications for the crypto ecosystem, both in Thailand and globally. Thailand is one of the most active and innovative countries in Asia when it comes to crypto adoption and regulation. According to a survey by the International Monetary Fund (IMF), Thailand ranks among the top five economies in Asia in terms of crypto awareness, usage, and regulation. Thailand has also introduced measures to attract investment into the crypto sector, such as tax breaks for companies issuing digital tokens. Moreover, Thailand is home to several crypto-friendly companies and projects, such as XSpring Capital, a crypto trading platform that raised $225 million from Sansiri and other investors in 2021.

The election of Srettha Thavisin could boost the confidence and growth of the crypto ecosystem in Thailand and beyond. He could also influence other policymakers in the region and globally to adopt a more positive and supportive stance towards crypto. However, there are also some challenges and risks that need to be addressed. For instance, how will the national token be designed and distributed? How will it affect the monetary policy and financial stability of Thailand? How will it comply with international standards and regulations for crypto assets? How will it impact the existing crypto market and users in Thailand? These are some of the questions that need to be answered before the airdrop can be implemented.

Conclusion

In conclusion, Thailand has elected a new prime minister who has a strong interest and background in crypto. This could have positive effects on the development and innovation of the crypto ecosystem in Thailand and globally. However, there are also some challenges and risks that need to be carefully considered and addressed. As a crypto enthusiast myself, I am excited to see how this will unfold and what it will mean for the future of crypto.

Thank you for reading this article. I hope you found it informative and engaging. If you have any comments or questions, please feel free to share them below. I would love to hear your thoughts on this topic.

Sources:

(1) Thailand Awaits $300 Crypto Airdrop Pledged By New Prime Minister | InsideBitcoins.
(2) Thailand Elects New Prime Minister with Crypto Interests | CoinMarketCap.
(3) Thailand Elects New Prime Minister with Crypto Interests | CryptoDaily.
(4) Will Thailand's New Prime Minister Deliver on His Crypto Airdrop ... | CoinMarketCap.
(5) Thailand’s Parliament Picks Pro-Crypto Candidate to Be the New Prime ... | 247wallst.
(6) Cryptocurrency trading: a comprehensive survey - Financial Innovation | SpringerOpen.
(7) The Crypto Ecosystem and Financial Stability Challenges; October ... - IMF | IMF.
(8) Towards Central Bank Digital Currencies in Asia and the Pacific ... - IMF | IMF.

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