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Blockchain App to be Developed for Digital Wallet Scheme
The Thai government plans to provide a 10,000 baht stipend through a digital wallet to streamline public services and boost the economy.
Government-initiated Digital Wallet to Boost Economic Circulation
The government is taking steps to implement a digital wallet initiative that will provide a 10,000 baht stipend to streamline public services and stimulate economic circulation. The Ministry of Finance has instructed the Government Financial Institutions Association to develop a blockchain-based system for the digital wallet application. This application will serve as a one-stop platform to access various state-sponsored services, including driving license information, the 30-baht universal healthcare service, and state welfare programs.
Inclusion of Tax-Registered and Non-Tax-Registered Shops
Deputy Minister of Finance, Julapun Amornvivat, has stated that both tax-registered and non-tax-registered shops can participate in the digital wallet program. While tax-registered entities will have access to money transfers, street vendors and floating markets that are not registered for Value Added Tax will not be able to exchange digital money for Thai Baht directly. However, they can use the digital money to purchase raw materials from tax-registered shops, thus keeping the funds within the economic system.
Ensuring Continuous Economic Circulation
The government aims to ensure that the funds remain in circulation even after the initial six-month period. Negotiations are underway for a comprehensive resolution to address all concerns. The Deputy Finance Minister highlighted that this project aims to enhance service efficiency and stimulate economic activity across sectors.
Source : National News Bureau of Thailand
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