Thailand’s ambitious plan to distribute a total of around $15 billion worth of digital currency to its citizens is facing a roadblock as Deputy Finance Minister Jhurapun Amornvivat announced the postponement of the program’s launch. local media reported.
The initiative aimed to provide 10,000 baht (approximately $280) to each Thai citizen over the age of 16, with the aim of revitalizing the country’s economy.
Thai government points out the need to strengthen security systems
The Thai government has changed the start date of its digital currency distribution plan to the first quarter of 2024. The delay was due to the additional time required to develop a secure system that ensures the protection of both funds and user data.
Previously, Thai Prime Minister Sureta Thabisin, who also has ties to the crypto sector, envisioned the program as a way to boost consumer spending and, in turn, stimulate the economy. Ambitious goal of achieving 5% economic growth next year.
The plan was expected to be partially funded by increased tax revenues generated by increased economic activity.
Digital currency distribution plan receives mixed feedback
Some experts argue that governments should target distribution to those truly in need, suggesting issuing “e-wallets” to specific groups.
They also suggest that programs need to be refined to exclude people who are economically self-sufficient.
On the other side of the debate, former Thai senator Rosana Rositrakul expressed concern about the potential negative economic impact of digital currency circulation and called for a careful review by the National Audit Office of Thailand.
The program’s delays come as Thailand faces public debt and economic challenges, and amid growing domestic debate over the allocation of funds and the potential risks associated with such a large-scale initiative. is reflected.
