Former Thai Prime Minister Urges Bitcoin Experimentation as Legal Tender

Amid the ongoing bullish rally of Bitcoin (BTC), the world’s leading cryptocurrency, its adoption appears to have gained traction. While more institutional players have embraced BTC via exchange-traded funds (ETF), the industry might soon witness nations accepting the asset.

According to a local news report, Thaksin Shinawatra, the 23rd prime minister of Thailand from 2001 to 2006, has called for proactive financial decisions. Notably, Shinawatra warned about the second coming of U.S. President-elect Donald Trump and his possible impact on the nation’s economy.

Bitcoin Pilot Program Proposed in Phuket

Shinawatra advised that Thailand’s current Prime Minister, Paetongtarn Shinawatra, should get the Ministry of Finance to set up a sandbox to accept Bitcoin payments. This experimentation should occur in Phuket to understudy the acceptability and viability of using digital assets.

The Ministry of Finance should also determine if issuing stablecoins in place of printing will benefit Thailand positively. The aim is to inject money into circulation to sustain the Thai economy without printing banknotes and, essentially, seek to replace paper currency with digital coins backed by government bonds.

Delivering a lecture on the global situation and adaptation, Shinawatra noted that Trump’s return as U.S. president could impact Thailand. Hence, Thailand needs to be prepared, given its trade surplus with the U.S. He anticipates that Trump might want to clear off the U.S. debt by paying with Bitcoin.

Global Uncertainty Fuels Crypto Advocacy

Shinawatra believes Thailand must think of innovative ways of circulating money in the system without burdening the country. He maintained that these proactive measures have become necessary as commercial banks are unwilling to take risks or lend.

The former prime minister is advocating for proactive steps to help Thailand weather the economic storm it is experiencing. 

This includes low GDP growth, increasing public debt, infrastructural challenges, and the soaring cost of electricity. Thailand authorities in the past cracked down on illegal miners whose activities disrupted power distribution.

Will Trump Serve as Catalyst for Global Crypto Adoption?

Financial experts see Shinawatra’s call as a signal that the global community is leaning towards digital currencies. This might involve accepting Bitcoin as legal tender or creating stablecoin for a particular country pegged to the local fiat currency for easy financial transactions.

Many consider Trump’s pro-crypto stance as a catalyst that could further drive cryptocurrency adoption in the U.S. and worldwide.