Thailand opens door to cryptocurrency and online gambling

Thailand opens door to cryptocurrency and online gambling

Crypto casinos could soon be coming to Thailand after the country announced its intention to legalise many forms of gambling for the first time.

While horse racing betting is permitted and there is an official lottery, most types of gambling are against the law in Thailand. That is partly due to the fact the South East Asian nation remains a Buddhist majority country, but things could be set to change.

Thailand has a major problem with illegal gambling and the country’s cabinet has now voted to move forward with plans to legalise gambling, while seven new casino resorts similar to those found in nearby nations such as Singapore and the Philippines would be permitted.

Proposals will now move to the next stage and be debated in parliament, with the influential figure of former premier Thaksin Shinawatra, who is seen as the de facto leader of Thailand’s ruling Pheu Thai Party, among those pushing for legalising both betting and cryptocurrency.

Shinawatra no longer has a formal role within the Thai government, having been prime minister from 2001 to 2006 and then in self-imposed exile for 15 years, but he remains one of the country’s most influential and powerful figures to this day.

The 75-year-old’s daughter Paetongtarn Shinawatra became Thailand’s leader last year and she has signalled an intention to boost the country’s finances through legalising gambling.

Around 10,000 jobs would be created by legalising gambling in Thailand, according to the country’s financial ministry, with Thaksin also speaking publicly in favour of the move.

“Online gambling has two to four million Thai users with savings of 300 billion baht and gains and losses of about 500 billion per year,” said Thaksin.

“If we can tax 20% … we would get more than 100 billion per year.”

The former leader also spoke about how Thailand could regulate online gambling to block underage players, adding: “We would have like a passport to control who can play.”

The eyes of the world are on cryptocurrency at the moment with the incoming US president Donald Trump having a bullish take on the blockchain’s future.

Thaksin suggested Thailand is already considering allowing the use of crypto in Phuket, which is one of the locations where a new casino resort is being planned.

“There will be no risk, it is just another currency in the world,” the former PM said of crypto.

Thaksin’s younger sister Yingluck Shinawatra also led the country from 2011 to 2014.

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