Thailand Prime Minister, Known for Crypto Investments, Embraces Pro-Crypto Stance

Crypto News– Following a controversial election, Srettha Thavisin, a former real estate developer and CEO of Sansiri, has been designated as Thailand’s new Prime Minister as the Pheu Thai party assumes control of the country.

Thailand Prime Minister, Known for Crypto Investments, Embraces Pro-Crypto Stance

Before entering the political arena, Srettha held the position of CEO at Sansiri, a prominent real estate developer who actively engaged in Thailand’s digital asset sector. In 2021, Sansiri acquired a 15% stake in XSpring, a Thailand-based digital asset service provider. XSpring operates a crypto brokerage in collaboration with Krungthai Bank and holds a license for an ICO portal.

A year subsequent to this investment, Sansiri introduced the “SiriHub Token” on XSpring’s platform, presenting a REIT-like structure that offers dividends sourced from the Sansiri Campus, a significant project by the company.

Central to Srettha’s election campaign was the pledge of a nationwide ‘airdrop’, wherein each Thai citizen would receive 10,000 Thai baht (equivalent to $300). This amount would be disbursed to every Thai citizen aged 16 and above, with spending limited within a four-kilometer radius of their residence. A spokesperson for the party clarified that a distinct national token, not an existing digital asset or cryptocurrency, will be employed. Vendors will have the option to convert this token into cash at designated banks.

However, this initiative has encountered criticism primarily due to its substantial cost, estimated at 500 billion THB ($14.3 billion), and the utilization of blockchain technology in a context where existing digital banking initiatives are already in operation in Thailand.

Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, expressed his viewpoint: “While I want to see an adoption of Blockchain here, using blockchain and tokens for this campaign is an overkill.” He further noted that a majority of Thai citizens already utilize “Paotang,” a digital banking wallet tailored for government initiatives, which could be a simpler and more straightforward implementation compared to a potentially intricate blockchain solution.

Udomsak anticipates that the new administration will continue to introduce more lenient regulations for the crypto sector, thereby fostering a surge in Thai crypto projects.