Pheu Thai Pledges 10,000 Baht Digital Currency for Thai Citizens

A potential prime minister candidate for Thailand has pledged to provide every citizen with 10,000 Thai Baht, or around $300, in digital currency if his party forms the next government after the general election set for May. Srettha Thavisin, a real estate mogul turned politician, has promised an economic stimulus package in the form of “digital currency” if his party, Pheu Thai, emerges victorious in the election. Thavisin believes that this measure will offer economic relief to citizens who are struggling with some of the highest household debts in the region.

Thavisin criticized the current government’s approach, stating that “small money handouts” are not an effective way to stimulate economic growth. He believes that the digital currency airdrop will be a more appropriate measure. However, a spokesperson for Pheu Thai did not comment on what tokens would be used for the airdrop.

The Bank of Thailand, the nation’s central bank, declared Thai baht stablecoins illegal in 2021. Thanakorn Wangboonkongchana, a minister in the prime minister’s office, warns that the airdrop proposal could have “major implications” for the entire country’s financial system. Some critics have also questioned whether providing a digital currency airdrop would be the best use of funds, rather than using it to alleviate poverty.

According to recent polls, the upcoming election is expected to be closely contested, with Pheu Thai receiving approximately 46% of the vote in recent surveys, according to Reuters. The success of Thavisin’s digital currency airdrop proposal remains to be seen, and it remains unclear how it will be received by the public and other stakeholders.