Tuesday, June 6, 2023

Srettha Thavisin, a Pheu Thai candidate running in the upcoming general election in May, has promised that every citizen in Thailand will get 10,000 Thai baht ($300) if he wins. But a minister from the Prime Minister’s office is worried and said this money drop may cause serious problems.

Thailand’s Plan to Give Citizens Free Money Through Digital Currencies

On Wednesday, a candidate from the Pheu Thai party called Srettha Thavisin announced that if his party wins in Thailand’s upcoming elections, they will send 10,000 baht (the currency used in Thailand) to every citizen that is 16 years or older through digital means. This was reported first by The Bangkok Post and revealed by Paetongtarn Shinawatra who is an important adviser at Pheu Thai.

El Salvador recently gave $30 of Bitcoin (BTC) to its citizens who use the Chivo wallet. Thailand’s government is trying to copy this idea and give free money to their citizens too! But there’s a catch – they have to spend it within 6 months of getting it in stores near them (within a 4km radius).

Thanakorn Wangboonkongchana, who works in the Prime Minister’s Office, is worried about a plan to give out some digital currency. He said that if it happens, it will be hard to do and change the entire financial system of Thailand. Preeyaphat Raksasana, an uni student, wants to know where the funds for this would come from.

“It’s so nasty!” Raksasana said. “Do they really think most people are that dumb?”

Since the outbreak of Covid-19, governments around the world have started giving people so-called “helicopter money” – a one-time cash payment as an economic stimulus. Some politicians even suggest that citizens should get an everyday allowance from the state in form of a Universal Basic Income (UBI). In June 2023, Thailand’s government provided its citizens with a stimulus package that is worth 140 billion Baht ($4.5 Billion), much of which was set aside for individual payments to people.

Do you think it is a good idea for Thailand to give out money through digital currencies like Bitcoin as part of an economic plan? Does this type of money have a positive or negative effect on the country’s finances? Let us know what you think in the comments section!


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