Entering the political arena with a solid background in property and a foot in the crypto market, Thailand’s newly elected Prime Minister Srettha Thavisin highlights the intricate relationship between politics and the evolving crypto landscape. Popularly known for his innovative strides as the former president and CEO of Sansiri, the real estate giant of Thailand, Thavisin is also distinguished for his involvement with XSpring Capital, a digital asset-focused investment firm.
With Sansiri, Thavisin plunged into the crypto zone, substantially investing in XSpring Capital. This association led to the launch of a novel cryptocurrency trading platform and an audacious ambition to be a dominant player in the crypto exchange market by 2025. Further solidifying his crypto-footprint, Sansiri launched its own token, SiriHub, with XSpring as the harbinger. The digital asset was part of a property-backed ICO intending to distribute a total of 240 million tokens to the public, thereby subtly highlighting the merging worlds of real estate and crypto.
Thavisin’s journey from the CEO of Sansiri to the helm of Thai politics fuels conjecture about the future course of Thailand’s cryptocurrency industry. His partial legacy in Sansiri and the instrumental role played in XSpring Capital, combined with his prime ministerial power, hints at fascinating possibilities.
In the run-up to his election, Thavisin evoked keen interest with his radical suggestion of a crypto airdrop if he secured victory. This proposition of distributing 10,000 Thai baht (approximately $285) as digital currency to every Thai citizen was part of a broader blockchain-based project intent on pushing Thailand’s digital currencies to a global platform. The ulterior ambition, as elucidated by Paetongtarn Shinawatra, the Pheu Thai’s chief adviser on public engagement and innovation, was to shape Thailand into an Asian fintech hub and propel its economic evolution.
However, critics have expressed concern over the transparency of these initiatives, as well as ambiguity regarding funding sources. Yet, Thavisin counters this skepticism with his social media affirmations of poverty and inequality as his prime enemies and his unalloyed commitment to the Thai public’s welfare.
Interestingly, Thavisin’s rise to the premiership dovetails with the Thai cabinet’s announcement of tax benefits for companies issuing digital tokens for investments. A massive economic boost of 128 billion baht (almost $3.7 billion) is expected over the next two years from this scheme. Thus Thavisin’s prime ministerial tenure, backed by his crypto market expertise, promises dynamic directions for Thailand’s crypto future.
Source: Cryptonews
