Srettha Thavisin, a renowned real estate developer and the former CEO of Sansiri, has now taken the helm of Thailand as the Prime Minister. Known for his significant contributions to the country’s digital asset sector, Thavisin’s prior company Sansiri carved out a 15% stake in the Thailand-based digital asset service provider XSpring. Furthermore, he is also accredited for launching SiriHub Token, a REIT-like ecosystem offering dividends from Sansiri Campus, through XSpring, amplifying his credentials in digital asset industry.
Thavisin’s political campaign has been marked by a national ‘airdrop’ pledge. His scheme promises to grant every Thai citizen, over the age of 16, a sum of 10,000 Thai baht. However, this money would be restricted to be spent within four kilometers from beneficiaries’ residences. This initiative is proposed to function using a form of national token, distinct from any existing cryptocurrency or digital asset. Participating vendors would be able to convert these tokens into cash through certain designated banks.
While Thavisin’s project has garnered wide public interest, it hasn’t escaped scrutiny. The exorbitant cost of this operation, estimated upwards of 500 billion THB, combined with the choice of blockchain technology over existing digital banking solutions, has given rise to some heavy criticism. Co-founder of FWX.finance, a decentralized derivatives platform, Udomsak Rakwongwan, was quoted making a case against the necessity of using blockchain for this initiative, given the existence of a digital banking wallet, Paotang, custom-built for government initiatives.
However, he did express optimism about the forthcoming lenience in crypto regulations under Thavisin’s rule, which is expected to boost the number of crypto projects in Thailand. Udomsak anticipates that the country’s crypto space will evolve at a fast pace, further fostered by Thavisin’s past involvement with ICOs.
Interestingly, Thavisin shares his affinity towards cryptocurrencies with Pita Limjaroenrat, the leader of Thailand’s Move Forward Party, despite their political dissimilarities. Both these substantial figures in Thailand’s political landscape are crypto owners. While it’s a minuscule aspect of their overall wealth, their possession of prominent cryptocurrencies such as bitcoin (BTC), ether (ETH), Cardano (ADA), and BNB, sets a notable precedent in the country’s political and possibly, its economic future.
Source: Coindesk
