In a move aimed at revitalizing the Thai economy and providing relief to struggling households, the government has announced a concrete timeline for its highly anticipated digital currency giveaway. The distribution of ฿10,000 baht ($280) to millions of eligible citizens is set to commence in the final quarter of the year.
Prime Minister Srettha Thavisin’s administration has made this digital currency initiative a cornerstone of its economic stimulus package. The program is designed to inject much-needed cash into the economy and alleviate the burden of high household debt, a persistent issue in Thailand.
To participate, citizens aged 16 and above who meet certain income criteria can register for the state-backed digital wallet from August 1 to September 15. The wallet, named “Tang Rath,” will serve as the conduit for the digital currency.
Initially planned for early 2024, the giveaway faced several setbacks due to budgetary constraints. However, with lawmakers recently approving an additional ฿122 billion for the current fiscal year, the project has received the necessary financial backing.
The government anticipates that over 50 million people will benefit from the program, with a total estimated cost of ฿500 billion ($14 billion). While the full impact of this massive injection of funds remains to be seen, economists are cautiously optimistic about its potential to stimulate economic growth.
Critics, however, have raised concerns about the feasibility of the program and its potential to exacerbate inflationary pressures. Additionally, the long-term implications of widespread digital currency adoption on the financial system remain a subject of debate.
As Thailand prepares to embark on this bold experiment, the world will be watching closely to see if the digital currency giveaway can deliver on its promise of economic rejuvenation and improved living standards for millions of Thais.
