2024

Prime

Thailand has unveiled the rollout date for its long-delayed cash handout to boost the economy and tackle high household debt.
<a href="https://crypto.news/tag/thailand/" target="_blank" rel="noopener noreferrer nofollow">Thailand</a> has announced the rollout date for its digital currency giveaway aimed at revitalizing economic activity and addressing the nation’s high household debt, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-24/thailand-unveils-plan-for-much-delayed-14-billion-cash-handout" target="_blank" rel="noopener noreferrer nofollow">reports</a>. According to Thailand’s finance minister Pichai Chunhavajira, the distribution of ฿10,000 baht (around $280) to most adult citizens will begin in Q4.
Eligible citizens aged 16 and older under a certain income threshold could sign up for the state-backed digital wallet from Aug. 1 to Sept. 15 through an application called “Tang Rath,” which is expected to boost purchasing power and stimulate the overall economy.
Originally planned for early 2024, the digital currency giveaway is a key part of Prime Minister Srettha Thavisin’s plan to boost growth. The program was delayed <a href="https://crypto.news/thailand-delays-15b-crypto-giveaway-citing-security-concerns/" target="_blank" rel="noopener noreferrer nofollow">several times</a> due to funding issues, but lawmakers recently approved an extra ฿122 billion for this fiscal year to support it.
The government expects the program to reach over 50 million people, with an estimated cost of ฿500 billion (around $14 billion at current rates). However, with an expected participation rate of 90%, the cost is likely to be around ฿450 billion. Funding will come from the state budget over two years, with ฿165 billion for the current fiscal year and ฿285 billion for the next.
Thavisin <a href="https://crypto.news/thailand-embraces-crypto-wallets-for-nationwide-airdrop/" target="_blank" rel="noopener noreferrer nofollow">had promised</a> to give 10,000 baht in the form of a blockchain token to every citizen over 16 if he won the election. Despite his election in late August 2023, this airdrop has yet to occur.
You might also like: <a href="https://crypto.news/thailand-introduces-tax-on-overseas-crypto-earnings-from-2024/" rel="noopener noreferrer nofollow"> Thailand introduces tax on overseas crypto earnings from 2024 </a>

Thailand reveals date for $14b digital currency giveaway

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