Thailand has announced the launch date of long-awaited cash handouts to boost the economy and tackle high household debt.
Thailand has announced the launch date of its digital currency, aiming to stimulate economic activity and address the country’s high household debt, according to Bloomberg. ReportsThai Finance Minister Pichai Chunhavajira said the distribution of 10,000 baht (about $280) to most adult citizens will begin in the fourth quarter of the year.
Eligible citizens aged 16 or over under a certain income threshold can register for the state-backed digital wallet from August 1 to September 15 through an app called “Tang Rath,” which is expected to boost purchasing power and stimulate the economy overall.
Originally scheduled to launch in early 2024, the digital currency is a key part of Prime Minister Sri Lankan Prime Minister Prayut Chan-o-chai’s plan to boost growth. The program has been delayed several times due to funding issues, but lawmakers recently approved an additional 122 billion baht for the current fiscal year to support it.
The government expects the program to reach more than 50 million people, at a cost of about 500 billion baht (about $14 billion at current prices). However, with an expected participation rate of 90 percent, the cost is likely to be around 450 billion baht. Funding will come from the state budget over two years, with 165 billion baht for the current fiscal year and 285 billion baht for the next fiscal year.
Thavisin had promised to give 10,000 baht in blockchain tokens to every citizen over the age of 16 if he won the election. Despite being elected in late August 2023, this airdrop has yet to happen.
