The Pheu Thai Party, the major opposition in Thailand, promised to hand out around $300 in digital currency to all residents if it wins the upcoming election and forms the government, the Bangkok Post reported. The policy faced public backlash, with some residents arguing it was merely a means to help the party win votes.
Thai Opposition Party Claims it Wants to Turn Thailand into Fintech Hub
Srettha Thavisin, head of Pheu Thai Party, Thailand’s opposition party, pledged to give every citizen 10,000 Thai Baht (around $300) in digital currency if his party forms a government after the general election in May. Thavisin said the stimulus package would offer some financial relief to Thailand residents grappling with some of the highest household debt in the region.
During the electioneering event on Wednesday, Thavisin said it would provide roughly $300 in digital Thai Baht to residents aged 16 and over if the party wins the election scheduled for May 14. The party’s chief adviser on public participation and innovation Paetongtarn Shinawatra described the stimulus project as a blockchain-based effort to streamline the distribution of Thailand-made products abroad and bring digital currencies into the country.
Residents would be obliged to spend the funds within a 4-kilometer community radius within six months of the project’s early stage, to attract international digital currencies. The move represents a part of Pheu Thai’s broader plan to transform Thailand into a fintech hub, added Paetongtarn.
Thailand announced the launch of a central bank digital currency (CBDC) payment system in 2020 and recently said it was starting a pilot study of a retail CBDC. Last month, the Thai government also revealed it would offer tax breaks for digital token issuers in the country in a move expected to cost the government around $1 billion in tax revenue.
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Opposition Party’s Digital Cash Handouts Criticized by the Public
All citizens did not warmly welcome Pheu Thai’s digital token airdrop. One university student interviewed by the Bangkok Post criticized the stimulus program and questioned the funding source.
“The policy is disgusting. Do they really think most people are that foolish?”
– said Preeyaphat Raksasana, a second-year university student.
Similarly, activist Sunthari Hatthi Sengking said the policy only aims to improve public recognition of Pheu Thai and help it win more votes. Instead, the party should fight for a better quality of life for vulnerable groups such as poor children, said Sunthari.
Do you agree with public criticism that Pheu Thai’s policy is just a means of attracting votes? Let us know in the comments below.
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