Thailand’s Incoming Prime Minister, Srettha Thavisin, Brings Cryptocurrency Background

August 28, 2023

By Anjali Kochhar

In a noteworthy development highlighting the growing convergence of cryptocurrency and politics, Srettha Thavisin, set to become Thailand’s next Prime Minister, steps onto the stage with a crypto-infused background.

The impending transition of leadership in Thailand takes on an intriguing twist as Srettha Thavisin, who is poised to take up the mantle of the country’s Prime Minister, emerges with a significant history in the cryptocurrency realm.

Thavisin’s trajectory from the crypto industry to the realm of national governance underscores the ever-expanding influence of digital currencies and blockchain technology across diverse sectors. Having been an active participant in the crypto landscape, Thavisin’s ascendancy to the nation’s highest office marks a unique moment where technological innovation intersects with political leadership.

This transition is bound to spark discussions and speculations about the potential implications of having a leader with firsthand experience in the cryptocurrency space. With Thailand showing increasing interest in fostering a conducive environment for blockchain and crypto development, Thavisin’s past involvement in this domain could potentially contribute to shaping the country’s policies regarding digital assets and decentralized technologies.

As the crypto community observes this intersection of political leadership and blockchain expertise, all eyes are on Thailand to witness how this distinctive background could influence the nation’s stance on the cryptocurrency landscape moving forward.

Sathvik Vishwanath, Co-Founder and CEO, of Indian crypto exchange Unocoin, believes that the win could potentially reshape Thailand’s cryptocurrency landscape due to its earlier association with Sansiri, a company that dabbled in digital asset investments.

Explaining the same, Vishwanath said, “Thavisin’s departure from Sansiri and the sale of his 4.4% stake in April 2023 fuelled speculation about his future as the country’s prime minister. Sansiri’s involvement in cryptocurrency dates back to 2021, when it participated in a substantial $225 million fundraising round for XSpring Capital, a crypto-friendly investment management firm. Following this investment, XSpring Capital launched a fully integrated cryptocurrency trading platform in 2022, aiming to be among the top three crypto exchanges by 2025. Sansiri, led by Thavisin, has also introduced its own digital asset, the “SiriHub Token”, as part of its 2022 real estate-backed initial coin offering.”

“In addition, Thavisin’s Pheu party, which Thavisin joined in November 2022, has proposed to distribute 10,000 Thai baht (approximately US$285) to citizens using the digital currency if they win the April 2023 election. As Thavisin’s government prepares to take office by the end of September, the crypto community is waiting to see if his background will influence Thailand’s digital currency policy. Thavisin expressed his commitment to the betterment of the nation and its economy, emphasizing his goal of eradicating poverty and reducing inequality among Thai citizens. Thailand’s future in cryptocurrency regulation and adoption is at a critical juncture with this new leadership,” he added.

On the other hand, Kumar Gaurav, the founder of UK-based neobank Cashaa said, “The new Prime Minister of Thailand is not just a casual crypto investor, but has also been involved in an ICO (Initial Coin Offering), invested as an equity investor in a digital assets company which now runs a crypto exchange in the country and also had vowed to distribute 10,000 THB ($300) to every Thai citizen in the form of digital assets using blockchain technology. His appointment could herald a new wave of crypto penetration and adoption in the country, as a head of state of a major economy who has a decidedly pro-crypto stance is still a novelty. We have to see how this plays out in the coming months and years.”

Edul Patel CEO & Co-founder Mudrex said,” After Srettha Thavisin’s being elected as the upcoming prime minister of Thailand, who has been an active investor in the country’s digital asset industry, there seems to be little optimistic prospects for the cryptocurrency industry. Given his track record of supporting significant crypto projects within the country and his focus on improving the national economy, it is to be seen how his background in the crypto space might impact Thailand’s future crypto policies in the coming days.”

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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