Thailand’s New PM Promises Tokens to Citizens

Thailand’s New PM Promises Tokens to Citizens

Time Stamp: August 23, 2023 9:46 AM
Source Node: 2840438

Crypto goes political in Thailand, where the government promised to facilitate the launch of national tokens.

A national airdrop of 10,000 THB ($300) has a chance of actually happening as Thailand’s new Prime Minister, Srettha Thavisin, takes office.

During the election, Srettha ran a campaign on a promise to give 10,000 THB to every Thai citizen older than 16. However, it’s not the actual money that’ll be given away. Instead, it’s a digital wallet program that’s supported by the government.

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According to a source, the airdrop will be in the form of a national token, and people will be able to spend it within a 4-kilometer radius of their homes. The tokens will be valid for 6 months. The vendors will be able to convert the tokens into cash at certain banks.

Srettha expects the airdrop to facilitate the boost of consumption and help the economy. Additionally, the Thai Chamber of Commerce predicted a 2.5% GDP increase due to this fund infusion.

Srettha is no stranger to digital assets; before his political career, his real estate development company acquired 15% of XSpring, a company that serves as a crypto broker.

However, the project also received criticism for its scope since, reportedly, it’d cost 500bn THB ($14.3bn).

Udomsak Rakwongwan, the co-founder of FWX.finance, said:

While I want to see an adoption of Blockchain here, using blockchain and tokens for this campaign is an overkill.

The plan to introduce a universal token for all eligible citizens might mean a step in the right direction when it comes to crypto regulations in Thailand. And recently, the Thai government revealed a plan to offer tax breaks to companies issuing investment tokens.

Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
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