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Crypto-Linked Businessman Set to Lead Thailand as Prime Minister
(Originally posted on : Crypto News – iGaming.org )
Srettha Thavisin, previously associated with a company that invested in crypto firm XSpring Capital, has won a significant political role. Thailand’s government has voted Srettha Thavisin, from the Pheu Thai Party, into the role of Prime Minister. This election might mark a shift in the nation’s stance on cryptocurrency.
Thavisin, with a landslide win of 482 out of a possible 747 votes, now awaits King Maha Vajiralongkorn’s signature to officially become Thailand’s 30th Prime Minister. He expressed his gratitude, saying:
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“I feel greatly honored to be elected as the 30th prime minister of Thailand. I would like to thank every Thai, coalition parties, honorable members of the House of Representatives, every senator who joined the vote today. I will try my best in doing my duties tirelessly to elevate Thais’ lives.”
While Thavisin’s political career is relatively fresh, his background as the former CEO of real estate giant Sansiri has connected him with the crypto world. His former company played a role in raising $225 million for XSpring Capital.
“Traditional finance is evolving, and we see a future with less intermediation between consumers and project finance. We’re always keen on embracing innovation, and this investment aligns with our vision,” Thavisin had commented during that period.
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Following this, Sansiri acquired a 15% share of XSpring Capital for $45 million and introduced its digital currency, SiriHub Token.
In another strategic move, the Pheu Thai Party had promised 10,000 baht ($285) to every Thai citizen above 16 if they secured a win in the May general elections. They secured 28% of the votes, finishing second, while Move Forward took the lead with 38%.
On the Crypto Landscape in Thailand The Thai government’s initial approach to cryptocurrency was one of caution, predominantly exploring a central bank digital currency (CBDC). They had also contemplated imposing a 15% capital gains tax on digital asset earnings.
Recently, there has been a noticeable shift. The country reevaluated their tax plans and considered crypto regulations for payments. They have also been proactive in reducing digital asset scams, even considering shutting down Meta (formerly Facebook).
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Thavisin’s win could potentially boost the crypto industry in Thailand, given his tech-inclined background and past ventures.