Thailand’s Pheu Thai Party has proposed that it will give approximately $300 in crypto to almost every citizen of the country if it wins the next election.
According to reports, the party has stated that it will give every Thai resident who is 16 years and older a stipend of 10,000 Thai baht, which is around $292.
The initiative has been described as a stimulus project that aims to use blockchain technology to help the local economy. The next general election in Thailand is scheduled for May 14, and all 500 seats in the country’s House of Representatives will be up for grabs.
The Pheu Thai Party is the political opposition to the current prime minister, Prayut Chan-o-cha, who is eligible to hold his position until 2025 if selected, following a decision from Thailand’s Constitutional Court regarding his term limit.
While crypto exchanges and trading are generally allowed in Thailand, the country’s Securities and Exchange Commission has been considering a ban on staking and lending services and established stricter rules for crypto custody providers.
The country’s central bank also warned crypto investors in 2021 about stablecoins pegged to the baht.
The Pheu Thai Party’s crypto project could cost the Thai government anywhere from $14 billion to $18 billion, given Thailand’s population of more than 70 million, roughly 50 million–60 million of whom are over 16 years old. It remains to be seen how the party plans to finance this initiative.
The party’s plan to distribute funds equally to residents is similar to the universal basic income initiative proposed by Andrew Yang, a former US presidential candidate, in the 2020 elections. Yang proposed that every eligible person in the US receive $1,000 every month as part of a universal basic income initiative.
It is not yet clear how this proposal will be received by the Thai people, given that there are currently no details on how the initiative will be funded or how it will be implemented.
It is also unclear what the potential impact of this initiative will be on the Thai economy and the crypto industry. However, this proposal highlights the growing interest in blockchain technology and digital currencies, particularly in the context of government-led initiatives.
Thailand’s crypto industry has seen some significant developments in recent years, with the country emerging as a hub for blockchain startups and digital currency adoption.
The Thai government has been exploring the potential of blockchain technology and digital currencies, with various initiatives aimed at promoting innovation and supporting the growth of the industry.
The Pheu Thai Party’s proposal to use blockchain technology to distribute funds to citizens is just one example of the growing interest in this space. It remains to be seen whether this initiative will gain traction and whether it will pave the way for similar initiatives in other countries.
Thai Political Party Offers Crypto
In Summary the proposal by Thailand’s Pheu Thai Party to give almost every citizen approximately $300 in digital currency if it wins the next election has garnered attention, but it remains to be seen how it will be funded and implemented.
The initiative highlights the growing interest in blockchain technology and digital currencies in government-led initiatives, particularly in Thailand, which has emerged as a hub for blockchain startups and digital currency adoption. It remains to be seen if this initiative will pave the way for similar initiatives in other countries.