A Pheu Thai candidate running for Thailand’s prime minister, Srettha Thavisin, has vowed that every citizen of the country will receive 10,000 Thai baht ($300) in digital currency if he wins the general election in May. However, a minister within the prime minister’s office in Thailand is concerned and has explained that the proposed airdrop could pose significant challenges with specific implications.
Thai PM Candidate’s $300 Airdrop Pledge Raises Concerns
On Wednesday, Srettha Thavisin, Pheu Thai’s candidate for Thailand’s prime minister, declared that if her party wins the general election, the government will release 10,000 baht in digital currency to all citizens of the country who are 16 years of age or older. The Bangkok Post was the first to report about the story after it was revealed by Pheu Thai senior adviser Paetongtarn Shinawatra on Wednesday.
Thailand would not be the only government to airdrop digital currency to its citizens, as the government of El Salvador airdropped $30 worth of bitcoins (BTC) to citizens who were users of the Chivo wallet. According to the Bangkok Post report, the Pheu Thai party initiative aims to attract crypto assets and blockchain innovation to Thailand. However, the free money must be spent within a “4 kilometer community radius within six months” of the first phase of the project, according to Bangkok Post reporter Supoj Wancharoen.
Thanakorn Wangboonkongchana, a minister in the prime minister’s office, is concerned about the proposed airdrop and wants “more details”. He also noted that “creating a digital currency would be a huge challenge with implications for the entire financial system in Thailand,” according to the Bangkok Post report. Wancharoen also shared an opinion from Preeyaphat Raksasana, a sophomore college student, who questioned where the funding for the airdrop would come from.
“Politics is disgusting,” Raksasana said. “Do you really think that most people are that dumb?”
Since the Covid-19 pandemic, “helicopter money” or one-time direct stimulus payments to citizens has become the norm in several countries. Various politicians around the world have proposed giving stimulus airdrops to citizens, and some have even supported schemes like Universal Basic Income (UBI). In June 2023, the Thai government created a stimulus package worth 140 billion baht ($4.5 billion), with a good chunk of the funds going into one-time direct stimulus payments.
What do you think about using airdropped digital currencies as a form of economic stimulus and do you think it could have positive or negative implications for Thailand’s financial system? Share your thoughts in the comments section below.
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