Thailand reveals date for $14b digital currency giveaway

Thailand has announced the date of its long-delayed cash handout to stimulate the economy and reduce high household debt.

Thailand has announced the launch date for a digital currency distribution aimed at stimulating economic activity and addressing the country’s high household debt, Bloomberg reports. The distribution of ฿10,000 baht (about $280) to most adult citizens will begin in the fourth quarter, according to Thai Finance Minister Pichai Chunhavajira.

Citizens aged 16 and above who are below a certain income threshold will be able to sign up for the government-backed digital wallet through an app called “Tang Rath” from August 1 to September 15. The app is expected to increase purchasing power and boost the overall economy.

The digital currency rollout, originally planned for early 2024, is a key part of Prime Minister Srettha Thavisin’s plan to boost growth. The program has been delayed several times due to funding issues, but lawmakers recently approved an additional ฿122 billion for this fiscal year to support it.

The government expects the program to reach more than 50 million people and cost an estimated ฿500 billion (about $14 billion at current rates). However, with an expected participation rate of 90%, the cost is likely to be around ฿450 billion. Funding will come from the state budget over two years, with ฿165 billion for the current fiscal year and ฿285 billion for the next fiscal year.

Thavisin had promised to give 10,000 baht in the form of blockchain tokens to every citizen over the age of 16 if he won the election. Despite being elected in late August 2023, this airdrop has yet to take place.