Thailand Should Explore Crypto to Stay Globally Competitive Says Ex-PM

Former Thai Prime Minister Thaksin Shinawatra recently addressed an audience at the Intercontinental Hotel in Hua Hin, urging the Thai government to deepen its understanding of cryptocurrencies. He highlighted the global shift toward digitization as a key reason for exploring the digital economy.

During his lecture, Shinawatra emphasized the importance of studying cryptocurrencies without necessarily committing to their purchase. Speaking about the growing presence of digital currencies, he remarked, “There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Today, Thai people must think and understand this.”

He also referenced global developments, including potential trade tariffs from a future Trump administration and discussions around using Bitcoin to manage U.S. national debt, as examples of why Thailand should focus on the digital economy.

In recent years, Thailand has taken steps to regulate and experiment with digital assets. In August 2024, the Securities and Exchange Commission (SEC) launched a crypto regulatory sandbox. This initiative allows select service providers to test digital asset technologies under a relaxed regulatory framework, encouraging innovation while minimizing legal risks. Regulatory sandboxes like Thailand’s offer a controlled environment where businesses can explore new technologies. These frameworks have become popular worldwide as governments seek to balance innovation with consumer protection. By allowing experimentation, sandboxes enable countries to better understand emerging financial technologies and their potential impact.

Earlier in January 2024, Thailand’s finance ministry eliminated value-added tax (VAT) on crypto trading. This move made trading digital assets more accessible and provided clarity to market participants.

Shinawatra’s speech aligns with global trends as nations grapple with the rise of digital currencies. His comments suggest that understanding and adapting to these trends will be essential for Thailand to remain competitive on the international stage.