Former Thai Prime Minister Thaksin Shinawatra, father of current Prime Minister Paethongtarn Shinawatra, urged Thailand to prepare for the growing influence of cryptocurrencies, particularly Bitcoin, during a seminar held at the Intercontinental Hotel in Hua Hin. He revealed that his friends predict Bitcoin could reach a staggering $850,000 and emphasized the importance of staying informed about these technological advancements, suggesting they will inevitably shape government policies.
Thaksin, speaking at a seminar organized by the Pheu Thai Party, highlighted the potential impact of Donald Trump’s return to the US presidency, particularly on trade relations with Thailand. He cautioned about potential tax increases due to Thailand’s trade surplus with the US and mentioned the possibility of the US using Bitcoin to address its national debt. He clarified that he wasn’t advising people to buy Bitcoin, but rather emphasizing the growing trend of cryptocurrencies.
The former prime minister revealed that he has instructed his daughter, the current prime minister, to explore the use of Bitcoin for payments, particularly in tourist hotspots like Phuket and Hua Hin. He suggested using regulatory sandboxes to test the feasibility of Bitcoin transactions in these areas, catering to tourists holding the cryptocurrency. This initiative aims to facilitate spending by those who hold Bitcoin.
Furthermore, Thaksin advocated for research into stablecoins, suggesting that Thailand could potentially inject liquidity into the economy without printing banknotes by issuing stablecoins backed by government bonds. This approach, he argued, could maintain economic circulation without resorting to traditional monetary expansion.
The seminar, focused on enhancing the capabilities of MPs and political personnel, was attended by key members of the Pheu Thai Party, including deputy prime ministers, ministers, MPs, and party members. Ms. Paethongtarn Shinawatra, the current prime minister and party leader, and former Prime Minister Settha Thavisin were also present. Thaksin also addressed the recent controversy surrounding his comments on a 15% VAT increase, admitting he spoke too hastily and caused unnecessary alarm.
