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Thailand’s Digital Money Campaign to be launched in Feb. 2024
The Thai government has announced plans to launch a digital money campaign in February 2024. Under this campaign, citizens aged 16 and over will be eligible to receive 10,000 baht in digital money, which can be used to purchase goods within a 4-kilometer radius of their residences.
Key Takeaways
- The Thai government plans to launch a digital money campaign in February 2024, which will provide citizens with 10,000 baht in digital money to stimulate the economy and promote digital infrastructure development.
- The government is in talks with various sectors to ensure the necessary steps and due diligence for the digital money campaign.
- The mass deployment of digital wallets, along with other stimulus measures, aims to stimulate the economy and reduce disparities in access to digital money.
- The project will be funded by the state budget, resulting in increased revenue collection and a decrease in certain welfare programs, with an estimated cost of 560 billion baht.
The government believes this initiative will boost the economy and accelerate digital infrastructure development. Talks are ongoing with various sectors to ensure the necessary steps and due diligence are taken.
However, spending on certain items like cigarettes and alcohol is prohibited. The funds for the project will come from the state budget, leading to a decrease in certain welfare programs.
The Pheu Thai Party plans to implement a digital wallet scheme using utility tokens to stimulate the domestic economy.
The tokens will likely need regulatory approval from the Bank of Thailand, as they currently do not allow digital tokens as a form of payment. The party is also considering relaxing the radius restriction for citizens in remote areas.
Other rules include spending the money on consumer products and necessities, allowing eligible sellers to exchange the digital money for cash, and prohibiting spending on online shopping, alcohol, drugs, gambling, and debt repayment.
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