The Pheu Thai Party, the political party that opposes the current Prime Minister of Thailand, has proposed to give almost all the country’s citizens about USD 300 in digital currencies in case they win the upcoming elections.
According to a Bangkok Post report on April 7, The Pheu Thai party announced at a campaign rally on April 5 that it planned to give all Thais over the age of 16 a stipend of 10,000 baht, about $292, at press time. One of the party’s prime ministerial candidates, Srettha Thavisin, reportedly described the initiative as a stimulus project aimed at helping the local economy using blockchain technology.
The Pheu Thai Party vows to give 10,000 baht to all Thais aged 16 years and over via digital wallets on Jan 1, 2024 if it forms the next government. https://t.co/B6hntAL7jz pic.twitter.com/Zz82fw6FDm
—Bangkok Post (@BangkokPostNews) April 7, 2023
The Pheu Thai Party promises to give 10,000 baht to all Thais over the age of 16 through digital wallets on January 1, 2024 if they form the next government.
Thailand’s next general election will be held on May 14, when all 500 seats in the country’s House of Representatives will be up for grabs. The current prime minister, Prayut Chan-o-cha, a member of the Thai United Nation Party, can hold his post until 2025 if he is elected, following a decision by Thailand’s Constitutional Court on his term limit. .
Although cryptocurrency exchanges and trading are generally allowed in Thailand, the country’s Securities and Exchange Commission has been considering banning staking and lending services and has set stricter rules for cryptocurrency custodial providers.. In 2021, the country’s central bank also alerted crypto investors to stablecoins pegged to the Thai baht.
With a Thai population of over 70 million, of whom between 50 and 60 million are over the age of 16, the cryptocurrency project could cost the government between $14 billion and $18 billion.
Thavisin’s plan to distribute funds equally among residents echoes that of US presidential candidate Andrew Yang in the 2020 election. Yang proposed that all eligible people in the United States receive $1,000 each month as part of a universal basic income initiative.
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