Thailand’s ambitious plan to disburse a digital currency windfall to its citizens, boasting a total worth of around $15 billion, has encountered a significant setback. Reports from local media outlets reveal that the program’s launch is now delayed, according to Deputy Minister of Finance, Julapun Amornvivat.
This initiative aimed to allocate 10,000 baht (approximately $280) to every Thai citizen aged 16 and above, with the primary objective of reinvigorating the national economy.
Thailand’s Government Cites Security as Top Priority
The Thai government has postponed the digital currency distribution plan to the first quarter of 2024. The rationale behind this delay is the necessity for an extended period to develop a robust and secure system, safeguarding both the funds and the sensitive user data.
Previously, Thailand’s Prime Minister, Srettha Thavisin, who also maintains connections in the cryptocurrency sector, viewed this program as a way to fuel consumer spending, consequently propelling economic growth with an ambitious target of achieving a 5% upswing in the economy over the forthcoming year. This endeavor was anticipated to be partially financed by the augmented tax revenue stemming from heightened economic activity.
Digital Currency Distribution Plan Receives Varied Feedback
In some quarters, experts contend that the government should focus on targeting the distribution to individuals genuinely in need. They propose the issuance of “e-wallets” to specific groups and advocate for the program’s refinement to exclude those who are financially self-sufficient.
Conversely, former Thai senator Rosana Rositrakul has raised concerns regarding the potential adverse effects of digital currency distribution on the economy. She has called for a thorough evaluation by Thailand’s National Audit Office.
This program delay underscores a growing debate within the nation concerning the allocation of funds and the potential risks linked to such an extensive initiative. This discussion is transpiring at a time when Thailand is grappling with public debt and economic challenges.