Blockchain technology in Thailand could soon receive a boost under new Prime Minister Srettha Thavisin, who had promised during his campaign to give 10,000 baht (US$300) through digital wallets to every Thai citizen aged 16 years and above.

See related article: Thailand mandates warnings on crypto ads

Fast facts

  • Srettha, a former businessman, had said the payout would be ready through digital wallets on Jan. 1, 2024, if he won the election. The initiative would cost about 500 billion baht (US$14.3 billion).
  • The digital money, valid for six months, can be spent within four kilometers of a recipient’s home and can be accessed using national ID cards, according to a Bangkok Post report.
  • Thailand’s new leader is also a founder of real estate firm Sansiri, which acquired a 15% stake in XSpring Capital, a local digital asset service provider. 
  • Sansiri also introduced SiriHub Token on XSpring, marking Thailand’s first initial coin offering of real estate-backed tokens.
  • Thailand has been actively regulating the cryptocurrency industry, with the country’s Securities and Exchange Commission announcing rules to ban crypto firms from providing custodial services that yield returns to depositors and lenders, covering both crypto lending and staking. 

See related article:  Thailand to offer tax breaks to firms issuing investment tokens