- Srettha Thavisin’s bold promise
- Pheu Thai’s digital currency plan
- Impact on Thailand’s financial system
Thailand’s prime ministerial candidate, Srettha Thavisin, has made a groundbreaking pledge to grant every citizen 10,000 Thai Baht (around $300) in digital currency if his party, Pheu Thai, triumphs in the upcoming May general election.
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As a real estate tycoon turned political contender, Thavisin is pushing for a basic-income-like economic stimulus plan through digital currency distribution. He believes this approach will alleviate the financial burden on Thai citizens who are currently grappling with some of the highest household debts in the region.
Thavisin argues that the current administration’s “small money handouts” have failed to stimulate proper economic growth, likening the strategy to an ineffective IV drip. He insists that his proposed digital currency solution will offer a much-needed financial lifeline to the struggling populace.
However, the specifics of Thavisin’s proposed airdrop have yet to be revealed, as Pheu Thai representatives have not responded to requests for information on which tokens will be used in the airdrop.
It is worth noting that in 2021, the Bank of Thailand declared Thai baht stablecoins illegal. Consequently, Thanakorn Wangboonkongchana, a minister in the prime minister’s office, warned that Thavisin’s digital currency airdrop proposal could have severe repercussions for the entire nation’s financial system. As the elections approach, the impact of this bold promise on both the political landscape and the country’s economy remains to be seen.
In other news, according to a recent article, India’s digital rupee, also known as the retail central bank digital currency (CBDC-R), seeks to reach one million users and build an offline version. This revelation comes as the Reserve Bank of India (RBI) works hard to expand the retail CBDC pilot program across the country.
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