Thailand’s main opposition party, the Pheu Thai Party, reportedly said it would distribute 500 billion baht (US$15 billion) worth of digital tokens to citizens if it wins the general election as part of a plan to boost the country’s economy.
See related article: Thailand’s SEC issues new regulations for crypto custody services
Fast facts
- Around 55 million Thai citizens aged 16 and over would receive 10,000 baht in digital currency through a digital wallet built on blockchain technology, Bloomberg reported, citing Prommin Lertsuridej, the party’s economic team head.
- “Our country has been economically bruised over the last eight years, with less income and more expenses for the people,” said Srettha Thavisin, one of the Pheu Thai Party’s three prime ministerial candidates.
- Thailand’s household debt rose to 14.9 trillion baht in the third quarter of 2022, accounting for 86.8% of the country’s gross domestic product, according to the nation’s economic planning agency.
- According to the Bank of International Settlements, the negative long-term effects on GDP growth will likely intensify when a nation’s household debt-to-GDP ratio tops 80%.
- The opposition’s airdrop plan has received some criticism from the Thai public, as reported by Bangkok Post.
- “Considering Thailand’s current financial status, I dare say we are not financially capable of funding populist policies that involve giving away money,” said Anusorn Tamajai, an economist, the publication reported on Friday.
- Thailand’s general election will be held on May 14, 2023.
See related article: Thailand Turns to Crypto