Crypto-Enthusiast Prime Minister Takes Helm in Thailand, Revealing Past Investment Activity

The selection of Thailand's next Prime Minister, as a consequence of recent political developments, provides insights into the prospective introduction of a 10,000 THB 'airdrop.'

Srettha Thavisin, a notable figure in the real estate sector, has been designated as Thailand's upcoming Prime Minister following a contentious electoral period that has led the Pheu Thai party to assume authority.

Before entering the realm of politics, Srettha held the executive role of CEO at Sansiri, a real estate enterprise actively immersed in the nation's digital asset landscape. In 2021, Sansiri made a strategic investment by acquiring a 15% stake in XSpring, a homegrown digital asset service provider situated in Thailand. Collaborating in partnership with Krungthai Bank, XSpring operates a cryptocurrency brokerage platform and possesses a certified Initial Coin Offering (ICO) portal.

A year subsequent to this development, Sansiri unveiled the "SiriHub Token" on XSpring's platform. This distinctive token, structured along the lines of a Real Estate Investment Trust (REIT), offers dividends derived from the advancement of Sansiri Campus, a substantial project undertaken by the company.

A nationwide distribution endeavor

Srettha's election campaign has prominently underscored the commitment to a nationwide 'airdrop' strategy, wherein every adult Thai citizen would receive a distribution of 10,000 Thai baht ($300). This allocation would be applicable to individuals aged 16 and above, with the intention that these funds would be expended within a four-kilometer radius of their domicile, as expounded by an official spokesperson from the party during an interaction with the Bangkok Post.

It is important to underscore that this 'airdrop' initiative would entail the utilization of a distinct national token, rather than relying on an existing digital asset or cryptocurrency. Participants would possess the option to convert these tokens into cash through authorized banking channels.

Nevertheless, despite its objectives, this initiative has not been exempt from critical appraisal due to its substantial estimated outlay amounting to 500 billion THB ($14.3 billion), coupled with the incorporation of blockchain technology, notwithstanding the presence of established digital banking solutions within Thailand.

Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, shared his perspective on this matter. While he supports the integration of blockchain technology, he opines that the decision to harness blockchain and tokens for this campaign might be excessive. He accentuates the fact that a considerable segment of the Thai population already engages with Paotang, a digital banking wallet tailored to governmental initiatives. This offers a potentially simpler and more direct alternative compared to the potential intricacies associated with blockchain technology.

Udomsak anticipates that the incoming administration will continue to advocate for more lenient regulations within the cryptocurrency domain, which could potentially pave the way for an uptick in cryptocurrency-related projects within the Thai context.

He asserts, "The trajectory of cryptocurrency within Thailand is undergoing rapid transformation," drawing attention to Sansiri's involvement in the realm of Initial Coin Offerings (ICOs) as emblematic of this evolving landscape.

Bipartisan crypto holdings

While Srettha and Pita Limjaroenrat, the leader of Thailand's Move Forward Party, might not share many similarities in their political stances, both individuals share an affinity for cryptocurrencies.

In a report by Bitsday in July, Pita revealed his ownership of various cryptocurrencies, including bitcoin (BTC), ether (ETH), Cardano (ADA), and Binance Coin (BNB). Although the total value of his crypto holdings is relatively modest and constitutes a minor fraction of his overall wealth, the fact that prominent politicians in Thailand are holders of cryptocurrencies is noteworthy.