Thailand’s Finance Minister, Pichai Chunhavajira, has announced a groundbreaking plan to distribute digital money to 45 million citizens in an effort to boost the country’s economy. The plan, which will see eligible Thais receive 10,000 baht (approximately $280) in digital money on August 1st, is set to cost $13.8 billion, according to information from the Associated Press.
The initiative, promised by the Pheu Thai party during the 2023 Thailand election campaign, aims to provide financial assistance to Thais aged 16 or older with incomes below $23,000 and savings under $13,700. The Thailand parliament approved additional funds for the plan earlier in July, with the money coming from the national budget.
Economists are optimistic that the distribution of digital money will breathe new life into Thailand’s economy, which has experienced sluggish growth over the past decade. The plan is expected to stimulate consumer spending and drive economic activity across various sectors.
To access the digital money, eligible recipients can download a digital wallet app from the Google Play Store or Apple App Store and register on the Thang Raj (Government Path) app. Those without smartphones can register in person, although with some limitations on usage.
However, the digital money plan comes with certain restrictions. The currency will undergo Know Your Customer (KYC) verification, excluding prisoners and individuals or businesses with a history of economic abuse from participating. Additionally, there are limitations on the types of items that can be purchased using the digital money.
Overall, the distribution of digital money to 45 million citizens represents a significant step towards revitalizing Thailand’s economy and providing much-needed financial support to its citizens. With the potential to drive economic growth and increase consumer confidence, this initiative could have far-reaching positive impacts on the country’s financial landscape.