In a groundbreaking move, Thailand's newly elected Prime Minister, Srettha Thavisin, is steering the nation towards a crypto-friendly future.
From his past affiliations with major crypto projects to the ambitious national airdrop initiative, delve into how Thailand is poised to become a major player in the global crypto arena.
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Real Estate Mogul Turned Prime Minister
Srettha Thavisin, a titan in the real estate industry, has been elected as Thailand's next Prime Minister.
After a controversial general election, the Thai Rak Thai faction, affiliated with former Prime Minister Thaksin, has taken control of the nation's government.
Thavisin, the former CEO of Thailand's real estate giant Sansiri, has shown a keen interest in the digital asset sector. In 2021, Sansiri invested 15% in XSpring, a Thailand-based digital asset service provider.
XSpring operates a cryptocurrency brokerage in partnership with Krung Thai Bank and has also secured a license for an ICO portal site.
In 2022, Sansiri announced the "SiriHub Token" through XSpring. This token operates similarly to a REIT, offering dividends from one of Sansiri's major developments, the Sansiri Campus.
A National Airdrop Initiative
Central to Thavisin's election promises is an "airdrop" where every citizen receives 10,000 Thai Baht (approximately $300).
This airdrop will be distributed to all Thai citizens aged 16 and above, with its usage restricted to within 4km from their homes, as explained by a party spokesperson to the local Bangkok Post.
The airdrop doesn't involve digital or crypto assets but uses a dedicated token that can be exchanged for cash at designated banks.
However, there are criticisms of the airdrop, primarily due to its estimated massive cost of 500 billion Thai Baht (around $14.3 billion) and the use of blockchain technology despite Thailand already having existing digital banking concepts.
Still, Thavisin anticipates a surge in Thai cryptocurrency projects as the new administration continues to introduce more lenient cryptocurrency regulations.
"The situation surrounding cryptocurrency in Thailand is rapidly evolving," he commented, noting Sansiri's involvement in multiple ICOs.
Prominent Politicians Holding Cryptocurrency
Initially, the Thai Rak Thai party had supported the election of Forward Party leader, Mr. Pita, as Prime Minister after they emerged as the leading party in the general elections.
However, Pita couldn't secure the necessary support in the parliament, leading to Thavisin's nomination.
While Pita's cryptocurrency holdings amount to only a few thousand dollars, making up a small fraction of his total assets, the fact that two of Thailand's leading politicians are cryptocurrency holders is noteworthy.