Before entering the political realm, Srettha served as the CEO of Sansiri, a real estate firm deeply engaged in the nation’s cryptocurrency field. In 2021, Sansiri invested a 15% share in the Thai digital asset service provider XSpring, which collaborates with Krungthai Bank to run a cryptocurrency brokerage and holds a licensed ICO portal. A year later, Sansiri introduced the “SiriHub Token” on the XSpring platform, a token resembling a real estate investment trust (REIT) that generates dividends from Sansiri Campus, a significant development project by the company.
The conclusion of political tensions and the selection of Srettha Thavisin as Thailand’s upcoming Prime Minister indicates the likelihood of a 10,000 THB ‘airdrop’ event. Srettha Thavisin, a real estate entrepreneur, has been designated as Thailand’s next Prime Minister as the Pheu Thai party gains authority following a contentious election.
Crypto Airdrop Initiative on a National Scale
At the heart of Srettha’s electoral campaign lies a commitment to a nationwide ‘airdrop’ strategy, where each Thai citizen would receive 10,000 Thai baht ($300). This sum of 10,000 baht (THB) is intended for every Thai resident aged 16 and above. Notably, it can only be utilized within a four-kilometer radius of their residence, as clarified by a spokesperson from the political party in dialogue with the Bangkok Post.
The distribution process for this airdrop involves the utilization of a specially created national token, distinct from any existing digital assets or cryptocurrencies. This token can later be converted into cash by merchants at specific banks.
However, this initiative has attracted its fair share of critics due to its substantial cost, projected to amount to 500 billion THB ($14.3 billion). Moreover, concerns have been raised about the adoption of blockchain technology for this purpose, especially when Thailand already employs established digital banking schemes.
Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, expressed reservations about the strategy: “While I’m an advocate for blockchain adoption, the use of blockchain and tokens in this campaign might be excessive.” He pointed out that the majority of Thai citizens are already accustomed to using Paotang, a digital banking wallet designed for governmental initiatives, which could be a simpler and more feasible option compared to a potentially intricate blockchain solution.
Udomsak foresees that the new government will likely continue to introduce more permissive regulations concerning cryptocurrencies, potentially resulting in a surge of Thai cryptocurrency projects. He remarked, “Thailand’s cryptocurrency landscape is rapidly evolving,” citing Sansiri’s involvement with Initial Coin Offerings (ICOs) as an example.