Thai Prime Ministerial Candidate for Phalang Pracharat Party Offers Digital Currency Worth 10,000 Thai Baht

During the election period, in order to attract votes, candidates spare no effort to present the best policies to the people. Although using the "money giveaway" method may put pressure on the government's finances, it can indeed quickly attract voters' attention and spark discussions. As the Thai general election approaches on 5/7 this year, there is a candidate who has promised to distribute 10,000 Thai baht worth of digital currency!

Thailand's Pheu Thai Party Promises to Distribute 10,000 Baht Digital Currency

According to a report by the Bangkok Post, Srettha Thavisin, the prime ministerial candidate for the Pheu Thai Party, announced during a campaign event on Friday that if the Pheu Thai Party wins the election and forms the next government, they will distribute 10,000 baht (approximately $290) to all Thai citizens aged 16 and above through digital wallets on January 1st next year, with an estimated total cost of 500 billion baht (approximately $14.5 billion).

Paetongtarn Shinawatra, the public engagement and innovation advisor for the Pheu Thai Party, stated that this initiative is based on blockchain technology and aims to promote the sale of Thai products abroad and introduce digital currency to Thailand. Additionally, the program is intended to stimulate the local economy, allowing the 10,000 baht to be spent only within a 4-kilometer radius of the recipient's address for the first 6 months.

Is the Free Spending of Baht Sustainable, Can the Government Afford It?

While free money is always welcomed, the strategy of using a massive giveaway to attract votes raises concerns about the government's ability to afford such a significant expense.

In response to public skepticism, Prommin Lertsuridet, the economic chief of the Pheu Thai Party, stated that with an expected increase of 260 billion baht in government agency revenues and over 100 billion baht in national revenue, along with budget savings from the widespread distribution of baht, the financial condition of the policy is sustainable.

Furthermore, Chakrapong Saengmanee, a member of the economic team of the Pheu Thai Party, added that after distributing the 10,000 baht, the government could save on welfare card expenditures, with an estimated savings of 50 billion baht.

Note: Thailand's welfare card program is designed to provide fair treatment for low-income individuals, with cardholders receiving a certain amount of baht subsidy and assistance in purchasing subsidized products annually.