Thailand to airdrop coins, new Prime Minister Sita to distribute 10,000 Baht utility tokens

Real estate tycoon Srettha Thavisin was elected as the new Prime Minister of Thailand. He promised a digital wallet policy during his campaign, where every Thai citizen over the age of 16 will receive a utility token worth 10,000 Thai Baht (approximately 290 USD).

Real Estate Tycoon Srettha Thavisin Elected as Prime Minister of Thailand

The Thai Parliament conducted its third prime ministerial election on August 22nd, with real estate tycoon Srettha Thavisin, the candidate put forth by an 11-party alliance led by the Thai Party, emerging as the 30th Prime Minister of Thailand. There are high hopes across various sectors that Srettha, with a business background, can boost Thailand's economic performance.

According to a report by CNA, Srettha holds a Master's degree in Business Administration from Claremont Graduate University in the United States. Prior to his election, he served as the President and CEO of Sansiri Plc, one of Thailand's top ten real estate developers, where he gained recognition as a real estate tycoon. He joined the newly established Sansiri in 1994 and steadily climbed the ranks to a top position.

With a background in the business sector, Thailand is looking to Srettha to lead the country's economy through the challenges posed by the post-COVID-19 era and the global landscape amid the Russia-Ukraine conflict.

Distribution of 10,000 Baht Practical Tokens to Citizens Aged 16 and Above

During the election campaign, the Thai Party proposed a policy, reportedly championed by Srettha, to provide every Thai citizen aged 16 and above with a digital wallet containing 10,000 Baht (approximately 290 USD) worth of practical tokens, aiming to stimulate the national economy.

According to a report by local media, every Thai citizen aged 16 and above will be eligible to receive 10,000 Baht in digital currency, expected to be transferred to their accounts in the form of practical tokens. This amount must be used at local businesses within a 4-kilometer radius of their residence and must be spent within 6 months. The funds cannot be converted into cash or used to settle debts.

This policy may involve the use of blockchain technology and the practical tokens as a means of payment. However, as the Bank of Thailand currently does not accept such tokens as a legal means of payment for goods or services, certain restrictions specified in the Digital Asset Business Operation Order must be amended. Insiders point out that establishing a blockchain ecosystem to support the digital wallet scheme is a time-consuming process that requires significant manpower and customer identity verification through KYC. Therefore, the plan may not be implemented within six months.

Amornthep Chawla, Assistant Managing Director of CIMB Thailand Bank Research Institute, expressed skepticism about the funding source and management efficiency of the initiative, despite the transparent and responsible use of practical tokens.

It is estimated that the expenditure on digital wallets is expected to cost taxpayers around 560 billion Baht, which will help stimulate the national economy and inject up to 1.68 trillion Baht back into circulation.