Pheu Thai’s Sretta Thavithin, who is running for Prime Minister of Thailand, has promised to give every citizen 10,000 Thai baht ($300) in digital currency if he wins the general election in May The government has promised to give 10,000 Thai baht ($300) in digital currency to every citizen if he wins the May general election. However, a minister in the Thai prime minister’s office is concerned, explaining that the proposed airdrop could pose significant challenges with concrete implications.
Concerns over Thai PM candidate’s promise of $300 airdrop
On Wednesday, Srettha Thavisin of Pheu Thai, Thailand’s candidate for prime minister, declared that if his party wins the general election, the government will airdrop 10,000 baht in digital currency to all citizens 16 years and older. The Bangkok Post firstreportedafter Pheu Thai chief advisor Paetongtarn Shinawatra revealed on Wednesday.
Thailand will not be the only country to airlift digital currency to its citizens, as the government of El Salvador airlifted $30 worth of bitcoins (BTC) to citizens who are Chivo wallet users, according to the Bangkok Post report. Thai Party’s initiative aims to attract crypto assets and blockchain innovation to Thailand. However, as stated by Bangkok Post reporter Supoj Wancharoen, the free money must be spent within “a four-kilometer radius community within six months” of the first phase of the project.
Thanakorn Wangboonkongchana, a minister in the Office of the Prime Minister, is concerned about the proposed aerial drop and wants “further details.” He also noted that “creating a digital currency would be a major challenge that would affect the entire Thai financial system,” according to a Bangkok Post report.Wancharoen also questioned where the money for the airdrop would come from, with sophomore university student Preeyaphat Raksasana s opinion.
“This policy sucks,” Raksasana said.” Do they really think most people are that stupid?”
Since the Covid-19 pandemic, “helicopter money,” or one-time direct stimulus to citizens, has become the norm in several countries. Many politicians around the world have proposed giving citizens a stimulus airdrop, and some have even endorsed schemes like the Universal Basic Income (UBI) In June 2023, the Thai government created a stimulus package worth 140 billion baht ($4.5 billion), of which significant portion was allocated for a one-time direct stimulus payment.
What are your thoughts on the airlift of digital currency as a stimulus package, and whether it will be positive or negative for the Thai financial system? Share your thoughts in the comments section below.
Image credit:: Shutterstock, pix.