Pheu Thai Party, the opponent party to Thailand’s current party, plans to offer around $300 in digital money to every person in the nation if it wins the future election!
Pheu Thai Party declared at a campaign event on April 5. In the event, the party’s crypto plan is explained; it has planned to offer 10,000 Thai baht in crypto (approximately $300) to every Thai citizen who is 16 years old and older.
Srettha Thavisin, one of the party’s candidates for prime minister, outlined the plan as a blockchain-based recovery scheme meant to boost the regional economy.
According to Paetongtarn Shinawatra, Pheu Thai’s main adviser on innovation and public engagement, the plan uses blockchain technology to help distributing Thai commodities abroad and introducing digital currencies to the nation.
Despite the existence of cryptocurrency exchanges and trading in Thailand, the Securities and Exchange Commission of the nation forbids staking and lending services and sets strict regulations for companies that offer cryptocurrency custody. The stablecoins bound to the baht were also the subject of a warning from the local central bank to cryptocurrency investors.
Public view about the crypto plan
By claiming that the funds would only be used for local economic stimulation initiatives, the party avoided allegations of potentially swaying the electorate. Many also questioned the source of the money.
According to the sources, the $300 cannot be used for gambling or debt repayment, and it must be used within four kilometers of the user’s ID card.
Paetongtarn Shinawatra referred to this program as an effort to attract foreign monies to the nation. While many residents applauded receiving the free money, many others saw the attempt to manipulate the election and considered the action despicable.