Thailand’s Opposition Party promises free crypto for win in general elections

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Key takeaways:

  • Srettha Thavisin, a real estate billionaire turned candidate, is pledging 10,000 Thai Baht (about $300) in digital currency to every Thai citizen if his political party, Pheu Thai, triumphs the forthcoming general vote in May.
  • Thavisin feels that the suggested policy will encourage the country’s economic growth.

Srettha Thavisin, a real estate tycoon and candidate for Prime Minister of Thailand, has vowed to provide digital currency worth around $300 to every person if his party, Pheu Thai, wins the general election scheduled to take place in May. 

According to media sources, the measure is seen as an economic stimulus package and an expedient means to deliver monetary assistance to Thai individuals coping with excessive household debt. 

Paetongtarn Shinawatra, Pheu Thai’s main adviser on public involvement and innovation, defined the idea as a blockchain-based initiative to aid in the distribution of goods created in Thailand.

Pheu Thai promises to triple farm income, increase the minimum wage dramatically, and guarantee a basic monthly income for households in addition to cash transfers. 

This action follows Thailand‘s steadfast attempts to adopt blockchain and cryptocurrency for the greater good. By allowing the tax-free issuing of digital tokens for investments last month, the Thai government took steps to profit from the growth of the digital asset sector.

Given that Thai baht stablecoins were declared illegal by the Bank of Thailand in 2021, it is unclear which tokens will be utilised for the airdrop if Pheu Thai wins the election. However, Thavisin’s plan has demonstrated the promise of digital currencies and blockchain technology to promote economic expansion and provide relief to residents.

The airdrop idea may have significant effects on the nation’s financial system, according to Thanakorn Wangboonkongchana, a minister in the prime minister’s office. Additionally, many have questioned if the money would be better used to reduce poverty in the nation.

Recent polls indicate that the election is probably going to be close, with Pheu Thai allegedly receiving about 46% of the vote. 

In addition to underlining the need for regulatory clarity surrounding the use of cryptocurrencies in mainstream economic activity, Thavisin’s proposal has spurred a serious discussion on the potential of digital currencies to support economic growth and bring relief to citizens. Some observers think it’s a marketing gimmick and that the nation cannot afford to fund such populist policies.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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