Thailand’s opposition leader has promised to airdrop 10,000 baht ($300) in digital currency to anyone 16 or older if his Pheu Thai party wins the next election.
On Wednesday, real estate mogul-turned-candidate Shretha Thavisin announced a $300 handout policy in the heavily populated central Thai province of Nonthaburi, according to a bangkok post report,
Pheu Thai’s chief advisor on public participation and innovation, Petongtorn Shinawatra, claimed the policy is part of a blockchain-based project designed to help distribute Thai products overseas and introduce digital currencies to Thailand. Is.
The $300 airdrop will need to be spent within a 4 kilometer community radius over six months.
Shinawatra said that the policy has been formulated to make Thailand an Asian fintech hub while driving the growth of Thailand’s economy.
He clarified that the money would be invested in local areas for people to use within several months after it was received, although critics criticized the initiative for a lack of transparency and for not clearly outlining funding sources.
Thaweesin said, “Our country has been financially ravaged in the last eight years with low income and high spending for the people.” Bloomberg As in saying.
“The present government is giving IV drip feeding with small amounts of money. This is not the right approach and does not encourage proper and correct economic development.”
Experts show concern about sources of funds
The policy has been criticized as a vote-winning ploy, with some experts noting that there is no apparent funding source to cover the initiative.
Vavit Thongthongkham, an employee at a commercial bank, acknowledged that people liked the prospect of free money from authorities, but questioned where it would come from.
Pundits have also pointed out that Phu Thai had previously criticized a policy of the Prayuth government regarding a state welfare scheme for poor elderly people.
The Phu Thai party is running against the ruling Palang Prakarath party, which is led by Prime Minister Prayut Chan-o-cha, the former head of the military junta that ruled the country after a 2014 coup.
Thanakorn Wangbuunkongchana, a minister in Prime Minister Chan-o-cha’s office and chief strategist for the United Thai Nation party, said the budget would run up to 500 billion baht ($15 billion) if distributed to all 50 million Thais.
He also said that creating a digital currency would be a significant challenge, with implications for the country’s entire financial system, and suspected that the policy was a marketing gimmick.
Thailand’s move comes as more and more Asian countries are striving to create a more favorable environment for crypto firms to become global crypto hubs.
More recently, it was revealed That the Monetary Authority of Singapore and the police are working with lenders in the country to refine their approach to onboarding crypto service providers.
Similarly, Hong Kong is aggressively pursuing its plans to become a global crypto hub.
As informed ofHong Kong authorities are planning to host a meeting between crypto companies and bankers in an effort to ease financing for the territory, suggesting that the city may be more open to crypto companies when trying to set up corporate banking accounts. It is determined to deal with the various difficulties that may come its way.
Furthermore, several Chinese state-owned banks in Hong Kong, including the Bank of Communications, Bank of China and Shanghai Pudong Development Bank, have either started offering banking services to local crypto firms or have received inquiries.