Digital wallet giveaway! The Thai government wants to give you money
The Thai government is about to launch a digital cash payment plan worth US$12.4 billion on August 1, shocking the world! The initiative, called "Digital Wallet," will distribute 10,000 baht (approximately $275) in digital currency to 50 million Thai citizens, with the aim of stimulating Thailand's sluggish economy. Announcing the news, Prime Minister Srettha Thavisin noted that eligible businesses and individuals can register for the program and use the funds to local businesses.
Source: X Thai Prime Minister Srettha Thavisin announced the launch of a digital cash distribution program in August
The plan was first announced in April, with Deputy Finance Minister Julapan Amornvivat revealing that the total cost had been reduced from the original $13.8 billion due to 10% of users failing to use previous incentive payments. to $12.4 billion. The digital currencies will be funded from the 2024 and 2025 budgets and partly from the state-owned Bank for Agriculture and Agricultural Cooperatives.
Sign up and get 10,000 Baht, easy and fast!
Prime Minister Saita said the plan aims to boost economic growth by putting money directly into the pockets of people and small businesses. To participate in the program, people must be at least 16 years old, have a bank deposit of no more than 500,000 baht, and have an annual income of no more than 840,000 baht in 2023. In addition, this digital currency can only be used within the local community and is prohibited from being used to purchase alcohol, cigarettes, fuel, services and online transactions. Such regulations are to ensure that funds can actually be used to promote the local economy rather than flowing into other consumer industries.
Digital Government Development Agency (DGA) deputy director Irada Luangwilai confirmed that applicants can register using the government’s Thang Raj app. The app, now available on the App Store and Google Play, is the culmination of more than three years of work by the agency.
The economic impact of digital wallet projects
The launch of this digital cash payment program represents an important step in Thailand's economic policy to combat the country's sluggish economic growth. According to World Bank forecasts, Thailand's GDP growth will rise from 1.9% in 2023 to 2.4% in 2024.
However, while the government is optimistic about the plan, it faces criticism from economists who question its effectiveness in promoting sustainable economic growth. Some critics worry that the plan could have an adverse impact on public debt and fiscal deficits. According to Bloomberg, the long-term effectiveness of the plan has been questioned by international experts.
The response at home and abroad has been enthusiastic, and the Thai government is full of confidence
The launch of this digital cash payout program has attracted widespread attention at home and abroad. Domestically, businesses and individuals have high expectations for this plan, believing that it will help improve the current economic situation. Internationally, some economists and analysts have reservations about this plan, believing that its long-term benefits need to be observed.
Overall, the digital cash handout program launched by the Thai government is an important economic policy initiative aimed at boosting economic growth by injecting funds directly into people and small businesses. Despite facing some doubts and challenges, the government is confident in the implementation of this plan and looks forward to its positive economic impact in the coming months.
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