In a bold move that could reshape Thailand’s economic landscape, former Prime Minister Thaksin Shinawatra has advocated for the legalization of online gambling. Addressing an audience in Bangkok, Thaksin emphasized that the Southeast Asian nation stands to gain approximately 100 billion baht (around $2.89 billion) annually if the government can effectively regulate and tax this sector. Though he currently lacks an official governmental role, Thaksin remains a pivotal figure in Thai politics, greatly influencing the decisions made by the new administration led by his daughter, Paetongtarn Shinawatra.
Despite the legal constraints surrounding gambling, there exists a widespread engagement with illicit betting activities in Thailand. Thaksin cited that there are about two to four million active online gamblers in the nation who possess total savings nearing 300 billion baht. The losses incurred in this sector could reach about 500 billion baht annually, highlighting the scale of informal gambling activities. By proposing a tax rate of 20% on legal online gambling revenues, Thaksin argued for a more structured approach that would redirect this significant financial flow into government coffers.
Proponents of this viewpoint assert that legalizing online gambling could not only generate substantial state revenue but also create jobs and invigorate the beleaguered tourism industry. History indicates that previous administrations led or influenced by Thaksin have pursued legislation to regulate gambling as a pragmatic approach to mitigate financial losses usually expended in unregulated avenues.
To ensure responsible gambling practices, Thaksin proposed the introduction of a sophisticated identification system for online gaming. This system aims to restrict minors from accessing gambling platforms while providing safeguards for individuals grappling with gambling addictions. Describing a potential digital “passport” system, Thaksin noted that the government must prioritize player tracking to foster a safer gambling environment.
This move toward regulation reflects a broader acknowledgment of the gambling culture deeply entrenched in Thai society. By formalizing this industry, officials can harness lost opportunities within the unregulated market, converting them into economic benefits for the nation.
In addition to advocating for online gambling, Thaksin called for Thai financial institutions to embrace cryptocurrencies more openly. Drawing insights from international developments, particularly related to the U.S. market under President-elect Donald Trump, Thaksin encouraged adopting a forward-thinking approach that includes trading stablecoins and crypto assets. He argued that the Thai Securities and Exchange Commission should take progressive measures to integrate these digital currencies into conventional financial systems.
Addressing the potential for cryptocurrencies, Thaksin suggested using them as a complimentary currency, with the possibility of initiating pilot programs in tourist-favored locations like Phuket. This approach aims to position Thailand as a modernized economy open to innovative financial solutions without the accompanying risks associated with unregulated uses of digital currencies.
Thaksin Shinawatra’s recent remarks highlight a significant shift towards recognizing the potential benefits of integrating online gambling and cryptocurrencies into Thailand’s economic framework. If embraced thoughtfully, these proposals could enhance revenue streams, encourage job creation, and ultimately bolster the country’s global economic standing. As Thailand navigates the complexities of modernization, Thaksin’s influence continues to provoke essential discussions that could pave the way for substantial reforms in government policy.