Key takeaways :
- Critics call for an investigation into Thailand’s delayed digital wallet scheme.
- The scheme, meant for citizens aged 16 and above, offers approximately $274 in Thai baht but faces delays.
Thailand‘s ambitious plan to distribute digital currency to its citizens, valued at approximately $15 billion, has encountered a setback. Deputy Minister of Finance Julapun Amornvivat announced a delay in the program’s launch, leaving many eagerly awaiting its impact on the nation’s economy. Here, we delve into the key details surrounding this development.
The initiative aimed to provide 10,000 baht (approximately $280) to each Thai citizen over the age of 16, with the primary goal of rejuvenating the national economy.
However, Deputy Minister of Finance Julapun Amornvivat revealed that the program, which was originally slated for a February 1, 2024 launch, would be postponed due to the need for additional time to establish a secure system. Maximum confidentiality is a critical factor in this process, emphasizing the importance of getting it right.
While the initial launch date may have been pushed back, Amornvivat assured reporters that the plan remains on the table and will see the light of day in the first quarter of 2024. The objective to provide 10,000 baht to each Thai citizen over the age of 16 still stands.
Former Thai senator Rosana Rositrakul has raised concerns about potential adverse effects of digital currency distribution on the economy. She has called upon Thailand’s National Audit Office to conduct a comprehensive assessment. This critical perspective highlights the need for a thorough evaluation of the program’s implications.
As reported by Thai media outlets such as the Bangkok Post, the state authority overseeing the program is actively investigating its source of funding. The proposed digital wallet, initially put forth by the Pheu Thai Party, is anticipated to require a budget of approximately $15 billion in Thai baht.
Previously, the government had made public estimates suggesting that the program could potentially spur a 5% increase in economic growth for the upcoming year.
Deputy Minister of Finance Amornvivat has indicated that a portion of the program’s funding might be sourced from the tax revenue generated by the expected upswing in economic activity.
