Fun

Thailand distributing digital money to 45M citizens to boost economy

News Feed - 2024-07-25 01:07:48

Derek Andersen7 hours agoThailand distributing digital money to 45M citizens to boost economyThe controversial plan began as a campaign promise and will help lower-income Thais buy more.1292 Total views26 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThailand’s finance minister, Pichai Chunhavajira, has confirmed that a plan to pay a social benefit in digital money is going ahead. Up to 45 million Thais will be eligible to receive 10,000 baht (about $280) in digital money on Aug. 1. That sum is about two-thirds of the average monthly income in the country.


The Digital Wallet plan was a campaign promise by the Pheu Thai party, which won last year’s general election. The plan will cost $13.8 billion and distribute the cash in digital form to Thais age 16 or older with incomes under $23,000 and savings under $13,700, according to the AP.Digital money as an economic stimulant


The money for the plan will come from the national budget, after the parliament approved supplemental funds for the purpose earlier in July. Backers of the plan promise that it will stimulate the domestic economy, which has been growing at less than 2% annually for the last decade.


Related: Thailand SEC opens doors to US spot Bitcoin ETFs for accredited investors


A spokesperson for the Digital Government Development Agency said the digital wallet app can be downloaded from the Google Play Store and Apple App Store and registered on the Thang Raj (Government Path) app. People without smartphones will be able to register for the benefit in person and use it with some limitations.Digital money with controls


The Digital Wallet plan proved to be controversial after the victory of the Pheu Thai party in August 2023, but it was approved in January. There are numerous restrictions on the use of the digital money, including Know Your Customer verification that will exclude prisoners and people and businesses with records of economic abuse. There are also restrictions on the items that can be purchased with the digital money.Source: Srettha Thavisin


The technology supporting the digital wallets has not been specified. The Bank of Thailand completed a pilot retail central bank digital currency (CBDC) project this year, but does not intend to issue a CBDC at this time. Prime Minister Srettha Thavisin, who came to power in the last election, owns a 15% stake in the Thai asset tokenization provider X Spring.


Magazine: Thailand’s Crypto Utopia — ‘90% of a cult, without all the weird stuff’# Business# Thailand# Fiat Money# Airdrop# CBDC# RegulationAdd reaction

News Feed

Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’
Nigerian Presidency: Vice President Yemi Osinbajo Against "Willy-Nilly Devaluation of the Naira" The Nigerian presidency has denied reports that the country’s Vice President
Polish Police Arrest Head of Payment Processor Tied to Bitfinex Crypto Exchange
Polish police have arrested Ivan Manuel Molina Lee, president of Crypto Capital, on accusations of money laundering. According to reports in Polish newspaper W Polityce and news po
Ripple invokes SEC v. Terraform case, argues for smaller civil penalty
Turner Wright7 hours agoRipple invokes SEC v. Terraform case, argues for smaller civil penaltyThe blockchain firm’s case with the SEC has been ongoing since December 2020, when the regulator alleged Ripple used XRP as
Bitcoin Cash to Include Bigger Integers and Native Introspection in Upcoming Upgrade
Bitcoin Cash to Include Bigger Integers and Native Introspection in Upcoming Upgrade Bitcoin Cash is preparing to include two significant improvements in its upcoming upgrade. Prog
David Attlee13 hours agoArgentine central bank to introduce digital peso bill ‘as soon as possible’The Central Bank of the Argentine Republic has accelerated its work on legislation to implement a CBDC in the country
Chainlink Flashes Daily Buy Signal – Breakout Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Pepe, Floki, Bonk and other memecoins record 3,000% surge in weekly volume
Prashant Jha14 hours agoPepe, Floki, Bonk and other memecoins record 3,000% surge in weekly volumePepe’s price has risen nearly 400% in the past week, and its market cap has doubled in the past two days.13952 Total vie
Gareth Jenkinson11 hours agoStartup demos upcoming decentralized GPU infrastructure network to OpenAI, UberIo.net has built a decentralized physical infrastructure network that will source GPU computing power for AI and
Big Four Company KPMG to Examine New Business Models in the Metaverse
Big Four Company KPMG to Examine New Business Models in the Metaverse KPMG, one of the “big four” companies in the consulting and auditing business, is appointing a new
USDC’s Market Cap Sheds Close to $4 Billion in Less Than 20 Days, Binance’s BUSD Climbs 3%
USDC’s Market Cap Sheds Close to $4 Billion in Less Than 20 Days, Binance’s BUSD Climbs 3% 19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization,
Trump Bans Chinese Payment App Giants Alipay and Wechat- Order Could Steer Billions of Dollars Toward Bitcoin
Trump Bans Chinese Payment App Giants Alipay and Wechat- Order Could Steer Billions of Dollars Toward Bitcoin Cryptocurrencies may see a boost between China and
Crypto Prices Show Signs of Recovery, Market Analyst Says ‘Bitcoin Remains in a Healthy Place’
Crypto Prices Show Signs of Recovery, Market Analyst Says "Bitcoin Remains in a Healthy Place" Bitcoin and a number of other cryptocurrencies have regained some