Srettha Thavisin, a real estate mogul turned candidate, is offering every citizen in Thailand 10,000 Thai Baht (approximately $300) in digital currency if his political party, Pheu Thai, wins the upcoming general election in May. Thavisin is promising a basic-income style economic stimulus package via “digital currency” to provide some relief to Thais who are struggling with high levels of household debt in the region.
“Our country has been economically bruised over the last eight years, with less income and more expenses for the people. The current government has been feeding IV drips with small money handouts. That’s not the right way and doesn’t stimulate the appropriate and right economic growth.”
Srettha Thavisin.
According to a report by the Bangkok Post, Thavisin believes that the proposed measure will help stimulate the country’s economic growth and will be a better alternative to the current government’s small money handouts. However, a spokesperson from Pheu Thai has not yet disclosed which tokens will be used for the airdrop.
The Bank of Thailand, the nation’s central bank, declared Thai baht stablecoins to be illegal in 2021, which raises questions about the legality of the proposed airdrop. Furthermore, Thanakorn Wangboonkongchana, a minister in the prime minister’s office, has expressed concerns that the airdrop proposal could have major implications for the country’s financial system. Critics have also questioned whether the funds would be better utilized to alleviate poverty in the country.
Recent polls suggest that the election is likely to be a close one, with Pheu Thai reportedly having approximately 46% of the vote in recent surveys. The use of cryptocurrency and blockchain technology in politics is becoming increasingly common, as seen in South Korea’s 2022 election, where crypto deregulation was a key policy proposal for the Conservative Party candidate, Yoon Suk-Yeol, who is now the President.
