Digital Wallet

Thailand’s finance minister, Pichai Chunhavajira, has confirmed that a plan to pay a social benefit in digital money is going ahead. Up to 45 million Thais will be eligible to receive 10,000 baht (about $280) in digital money on Aug. 1. That sum is about two-thirds of the average monthly income in the country.
The Digital Wallet plan was a campaign promise by the Pheu Thai party, which won last year’s general election. The plan will cost $13.8 billion and <a href="https://www.washingtonpost.com/business/2024/07/15/thailand-digital-wallet-handout-economy/633ef34e-42a7-11ef-83d0-9eaefdc988e8_story.html" target="_blank" rel="noopener nofollow">distribute</a> the cash in digital form to Thais age 16 or older with incomes under $23,000 and savings under $13,700, according to the AP. 
<h2 id="digital-money-as-an-economic-stimulant">Digital money as an economic stimulant</h2>
The money for the plan will come from the national budget, after the parliament <a href="https://www.bloomberg.com/news/articles/2024-07-17/thai-lawmakers-to-weigh-extra-3-4-billion-budget-for-cash-gift?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_content=economics&amp;cmpid%3D=socialflow-twitter-economics&amp;utm_source=twitter" target="_blank" rel="noopener nofollow">approved</a> supplemental funds for the purpose earlier in July. Backers of the plan promise that it will stimulate the domestic economy, which has been growing at less than 2% annually for the last decade.
Related: <a href="https://cointelegraph.com/news/thailand-sec-allows-accredited-investors-spot-bitcoin-etf">Thailand SEC opens doors to US spot Bitcoin ETFs for accredited investors</a>
A spokesperson for the Digital Government Development Agency <a href="https://www.nationthailand.com/news/policy/40039699" target="_blank" rel="noopener nofollow">said</a> the digital wallet app can be downloaded from the Google Play Store and Apple App Store and registered on the Thang Raj (Government Path) app. People without smartphones will be able to register for the benefit in person and use it with some limitations.
<h3 id="digital-money-with-controls">Digital money with controls</h3>
The Digital Wallet plan <a href="https://cointelegraph.com/news/thai-digital-money-giveaway-question-after-government-report">proved to be controversial</a> after the victory of the Pheu Thai party in August 2023, but it <a href="https://cointelegraph.com/magazine/hong-kong-bitcoin-etf-fomo-thailand-14b-airdrop-asia-express/">was approved in January</a>. There are numerous restrictions on the use of the digital money, including Know Your Customer verification that will exclude prisoners and people and businesses with records of economic abuse. There are also <a href="https://www.thaipbsworld.com/applications-to-join-digital-wallet-scheme-to-begin-on-august-1-pm/" target="_blank" rel="noopener nofollow">restrictions</a> on the items that can be purchased with the digital money.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0f27463b-024b-4ed5-84da-897f872ddf3a.png" alt="Thailand distributing digital money to 45M citizens to boost economy" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Thavisin/status/1812720939186159943" target="_blank" rel="noopener nofollow">Srettha Thavisin</a>
 </figcaption>
</figure>
The technology supporting the digital wallets has not been specified. The Bank of Thailand <a href="https://www.bot.or.th/en/financial-innovation/digital-finance/central-bank-digital-currency/_/Pilot-CBDC-2024.html" target="_blank" rel="noopener nofollow">completed</a> a pilot retail central bank digital currency (CBDC) project this year, but does not intend to issue a CBDC at this time. Prime Minister Srettha Thavisin, who came to power in the last election, <a href="https://cointelegraph.com/magazine/thailands-national-airdrop-delio-vietnam-top-crypto-country-asia-express/">owns a 15% stake</a> in the Thai asset tokenization provider X Spring.
Magazine: <a href="https://cointelegraph.com/magazine/thailands-crypto-utopia-sex-drugs-libertarian-smart-village/">Thailand’s Crypto Utopia — ‘90% of a cult, without all the weird stuff’</a>

Thailand distributing digital money to 45M citizens to boost economy

Table of Contents

Cointelegraph

دیگر آرٹیکلز 24 جولائی، 2024 پر پبلش کیے گئے ہیں

Economy: The EU wants to use frozen Russian funds to support Ukraine

Just In: Mt. Gox Moves 32,371 BTC To New Wallet

Solana-Based Lending Protocol Solend Rebrands To Save Finance

US Government Might Use Bitcoin as Reserve Asset With 200,000 BTC Already in Treasury

India Government Ignores Crypto: No Mention in Union Budget 2024-25

Ethereum Primed For Huge Parabolic Move After Spot ETH ETFs Launch, Says Analyst

Join our free newsletter for daily crypto updates!