A candidate for prime minister in Thailand has pledged to give each citizen 10,000 Thai baht, equivalent to about R$1,500 in digital currency for each citizen, if his party, Pheu Thai, wins the next general election in May.
Real estate mogul Srettha Thavisin said the move would be an economic stimulus package in the form of a basic income that would provide relief for Thais burdened with some of the region’s largest household debt.
According to the local portal Bangkokpost, the pledge to give money to everyone aged 16 and over is being questioned, with some wondering where the money will come from to pay citizens.
The candidate’s announcement sparked controversy as in 2021 the Bank of Thailand, the country’s central bank, declared Thai baht stablecoins illegal. Furthermore, a spokesman for the Pheu Thai party had no comment on which tokens would be used for the airdrop.
‘Free’ money in digital currency
A minister in the current prime minister’s office stated that the proposal to give digital currencies would have “major consequences” for the entire financial system in the country, indicating that the implementation of the measure may not be as easy as it seems.
Thavisin criticized the current government’s approach, which has given small amounts of money, as he believed that it is not enough to stimulate good and proper economic growth.
It is important to note that candidate Srettha Thavisin’s proposal has not yet been implemented and the use of digital currencies in a possible airdrop is still uncertain.
The promise of a basic income-style economic stimulus package is one of the Pheu Thai Party’s campaign pledges for Thailand’s upcoming general election.
The project was described by Paetongtarn Shinawatra, Pheu Thai’s chief advisor on public participation and innovation, as a blockchain technology-based effort to help distribute Thai products abroad and bring digital currencies into the country.
Pheu Thai’s goal is to make Thailand Asean’s fintech hub, Paetongtarn said.
buy voices?
While some are excited about the possibility of receiving R$1,500, the party’s initiative, which would likely be tax-funded, would be a vote buy, some people said.
A second-year student did not agree with the distribution policy and had doubts about the source of funding.
“Politics is disgusting” he said. “Do they really think most people are that stupid?”
“This policy is simply aimed at public recognition for Pheu Thai and getting more votes”he added.
“Given Thailand’s current financial situation, I would venture to say that we are not financially able to fund populist policies that involve giving away money”said Anusorn Tamajai, a leading economist in the country.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
