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- 1 The planned digital money program aimed at restoring the economy is being delayed by the Thai government.
- 2 The opposition leaders called for a probe from the country’s electoral commission.
Thailand’s government has planned a digital wallet scheme that is expected to pay out 10,000 baht (~$274) to citizens over 16 years old. This scheme is deployed and so the critics call for an investigation by the electoral commission.
The Bangkok Post reported that Julapun Amornvivat, Thailand’s deputy finance minister, announced that the digital wallet scheme, which was set to be released in February 2024, was delayed and cited the reason as more time for the development of the system.
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The Thai government planned the bid to boost the local economy. They aspire to use the wallet to issue 10,000 baht to entitled citizens (above 16 years old).
Amornvivat stated that the government needs more time to enhance the security of the system. He also adds the surety that the release of this scheme will happen in the first quarter of 2024.
Prime Minister Srettha Thavisin said that he would move with the digital wallet scheme but the government was clarifying the details.
Reports from the country show that the sub-committee responsible for the program is still pondering the source of funds for the scheme. The digital wallet scheme of the Pheu Thai Party is estimated to cost 548 Billion baht ($15 Billion).
The government predicted the scheme would stimulate economic growth by 5% next year. Amornvivat also indicated that the tax revenue from the increased economic activity would help fund part of the cost of the program. He admitted that the government had yet to find a way to fund the scheme.
Rosana Tositrakul, a former Thai senator who is a vocal questioner of the project, requested the election commission investigate the legality of the proposed scheme. She asked the election commission to probe the government’s planned 10,000 baht digital money handout. On Facebook, she wrote that she sent a letter to the EC requesting an investigation of the digital wallet scheme of the coalition core Pheu Thai party.
She also asked the EC to find out how Pheu Thai would fund the scheme. Priorly, the party told the EC it would be covered by the annual national budget. She added that there was no economic crisis that could explain the digital money handout.
Ms. Rosana said that if the national budget could not fund the handout and the government needed to borrow to execute it, the EC should consider whether the funding would be legal or not.
The lack of funding and the rising debt to pay for the scheme have made Tositrakul question the legality of the scheme. The Thai government is considering using its national budget to fund the digital handout.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
