When Thaksin Shinawatra, the former prime minister of Thailand was greeting his followers on Facebook for new years, he made sure to mention that people should start looking at digital currencies rather than banks.
He had stated:
“Today, E-commerce creates opportunities for young people to trade with people around the world. That both products and money are flowing more freely every day We must know how to use it. Even the business like the bank is tired. Because digital money is coming a little bit more, every country will have more digital money to be used in conjunction with more money in banknotes.”
The 69-year-old, who was overthrown in a military coup in 2006 and now lives in exile, claims the sector will create a new technological boom similar to the advent of the internet. There is enough opportunity in this area to create multiple millionaires and billionaires.
In his blog post, he had earlier written:
“Blockchain is going to create new millionaires, just like the internet. Blockchain has been out for many years, but it is not yet extensive because people still do not understand it.”
However, he warns that before those entrepreneurs venturing into this space should learn how to do business with the new technology. He gave an example of a meeting with two Koreans who had extensive expertise in blockchain but no business model. He also referenced a Rwandan coffee firm that used blockchain to connect local suppliers to high-end retailers as an example of innovation.
Thailand has been one of the top spots for crypto businesses. The country has provided a case study in how blockchain and cryptocurrencies can find a place even within rigidly authoritarian political structures. Slowly but surely, the military junta revealed and acted on plans to legalize ICOs, to authorize crypto-exchanges, and also to enforce a regulation that legitimizes crypto.