Thailand has set a date for its long-postponed monetary assistance program to boost the economy and reduce family debt.
According to Bloomberg, Thailand has officially announced the date to implement its digital currency giveaway. This initiative aims to stimulate economic activity and tackle the issue of excessive household debt in the country.
Thailand’s finance minister, Pichai Chunhavajira, has announced that the disbursement of ฿10,000 baht (equivalent to around $280) to most adult residents will commence in the fourth quarter. Citizens who are 16 years or older and have an income below a specific threshold can register for the state-supported digital wallet between August 1 and September 15.
This can be done through an application called “Tang Rath.” This initiative aims to enhance purchasing ability and stimulate the entire economy. The digital currency giveaway, first scheduled for early 2024, is crucial to Prime Minister Srettha Thavisin’s strategy to enhance economic growth.
The program experienced multiple delays due to funding concerns, but parliament has just authorized an additional ฿122 billion for the current fiscal year to support it. The government anticipates that the initiative will benefit more than 50 million individuals, with an approximate expenditure of ฿500 billion (equivalent to approximately $14 billion based on current exchange rates).
Nevertheless, considering the projected participation rate of 90%, the estimated cost is predicted to be approximately ฿450 billion. The funding will be allocated from the state budget over two years, with ฿165 billion designated for the current fiscal year and ฿285 billion for the subsequent year.
Thavisin pledged to distribute 10,000 baht in the form of a blockchain token to everyone above the age of 16 in the event of his victory in the election. Although he was elected in late August 2023, the airdrop has not happened yet.
