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 in last year’s general election. The plan will cost $13.8 billion and will distribute the cash in digital form to Thais age 16 or older with incomes under $23,000 and savings under $13,700, <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 noreferrer nofollow">according</a> 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 noreferrer 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" rel="noopener noreferrer nofollow">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 noreferrer nofollow">said</a> the digital wallet app can be downloaded from the Google and Apple app stores 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" rel="noopener noreferrer nofollow">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/" rel="noopener noreferrer nofollow">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 noreferrer nofollow">restrictions</a> on the items that can be purchased with the digital money.
<figure><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">
 <figcaption style="text-align: center;">
 Source: Srettha Thavisin
 </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 noreferrer 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/" rel="noopener noreferrer nofollow">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/" rel="noopener noreferrer nofollow">Thailand’s Crypto Utopia — ‘90% of a cult, without all the weird stuff’</a>

Thailand distributing digital money to 45M citizens to boost economy

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