Former Prime Minister Bigs Up Bitcoin Amid Power Struggle in Bangkok

Thailands former prime minister, Thaksin Shinawatra, recently told his 2.3 million Facebook followers that banks are outdated due to hot new digital currencies.

More recently he expanded in a podcast to educate Thai people on what is blockchain. He said the internet is called the World Wide Web of Information, but Blockchain is the World Wide Ledgers of Value.

The billionaire told his followers to study blockchain technology because like the internet ushered in new opportunities and made millionaires, crypto blockchain might do too.

The above crypto related comments come amidst what looks like a power struggle in Thailand between a ruling Junta and democratically elected politicians.

Few westerners have heard of Thaksin Shinawatra and fewer still of Thailand. For starters, it is unclear where he resides. Some say in Dubai after he asked for asylum in UK and Germany which didnt go very well.

A fugitive, some say. In self imposed exile say others. A bitcoiner since 2017 with a grand title: the longest serving democratically elected prime minister of Thailand.

By western standards it wasnt that long, just about five years, but then democracy hasnt been around for that long in Thailand either with Shinawatra becoming in 2001 the first democratically elected prime minister of Thailand to serve a full term and was re-elected in 2005 by an overwhelming majority.

Then, on 19th September 2006, 50 soldiers ordered approximately 220 policemen in the [Government House] complex to lay down their weapons. Troops also surrounded the Thaicom satellite receiving station and state-run television station Channel. By the morning of 20 September, tanks and military vehicles armed with machine guns were stationed at Government House, the Royal Plaza, and Ratchadamnoen Avenue.

Between 2001 and 2006, poverty fell from 21% to 11%. IMF loans were paid off. GDP grew. The budget was balanced, foreign exchange reserves doubled, but some of the establishment apparently felt threatened.

Couping Democracy

Thailand is ostensibly a constitutional monarchy, but it has criminal laws punishing anyone that insults the royalty. Thaksin himself was charged for policy corruption that while legal abuse the publics interest.

His sister, Yingluck Shinawatra, was elected prime minister in 2011, but that ended with another coup in 2014. According to the Washington Post:

Pro-Thaksin parties would win elections in 2001, 2005, 2007 and 2011, only to be ousted by conservative forces via coups or judicial maneuvering.

His son faced charges for money-laundering in 2017, but with elections now a few weeks away, a bombshell was dropped on Bangkok:

Princess Ubolratana Rajakanya Sirivad ...

Read full story on Trustnodes

Tags: Thailand, Bangkok, Blockchain, Thaksin Shinawatra, Prime minister, Facebook, Thai people, World Wide Web, Ubol Ratana, Yingluck Shinawatra