Thailand’s people are against the former prime minister’s plans to legalize crypto and gaming

Despite the efforts of former Prime Minister Thaksin Shinawatra to legalize crypto and wagering, Thai residents have resisted.

Residents of Thailand have opposed the government’s proposal to regulate online wagering and casinos. Based on recent reports, it is possible to legalize and operate online wagering and casinos using digital assets. Thaksin Shinawatra, the former Prime Minister of Thailand, endorses the initiative, which the authorities assert will increase tourism and investment.

The former Prime Minister predicted that the country could generate substantial revenue from online wagering, with an estimated annual revenue of 100 million baht (approximately $2.89 billion). The country has also approved a draft law to that effect, with the intention of utilizing the law to establish online wagering and casinos as revenue generators and powerhouses in the future.

The prosecution of those responsible for hidden gaming and wagering will continue for the time being. The state-controlled horse contests and lottery are officially supervised by the Thai government. Nevertheless, soccer wagering and other forms of secret gambling continue to be prevalent, a situation that the nation will endeavor to capitalize on. The sector’s substantial exchange of funds is the primary reason for this.

Concurrently, the National Institute of Development Administration conducted a survey in which approximately 69% of respondents opposed the legalization of online gambling, with approximately 59% of respondents strongly opposing the establishment of entertainment complexes and casinos. A total of 29% of the respondents expressed their preference for both.

On Monday and Tuesday, approximately 1,310 respondents, including both males and females, participated in the survey.

The proposed law has been the subject of debate, with the majority of supporters emphasizing the advantages it could provide to the nation. In addition to the revenues that the nation generates annually, there have been discussions regarding the facilitation of job creation and the accessibility of these wagering establishments to visitors. Trump’s election as president has also facilitated the utilization of digital assets.

There is also the matter of neighboring countries, such as the Philippines, Myanmar, Singapore, Laos, and Cambodia, possessing substantial casino complexes that they have effectively utilized. The Thai government contends that opposing the measure will not only result in the country disregarding potential revenue, but it will also prevent it from reaching its full potential as a tourist destination.

Thaksin Shinawatra, the former Prime Minister of Thailand, is a strong proponent of cryptocurrency and consistently emphasizes the potential advantages it could have on the country’s economy. In a recent post, he encouraged Thai citizens to adopt the asset, citing its potential to increase to $850,000 in the future. He also stated that the country will establish a crypto laboratory by the end of the year. According to Shinawatra, this will allow travelers to expend a greater amount of digital assets during their visits, which is advantageous for the nation.

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