Thailand, officially The Kingdom Of Thailand, is a country located in SouthEast Asia with its capital as Bankok. The country spans an area of 513, 120 square kilometres and with a population of more than 70 million people. The country was due for an election in 7th May 2023 but due to technical difficulties, the election has since been postponed to 14th May. The exercise expected to witness a tight race with candidates trying to woo their supporters to vote for them.
Consequently, The opposition leader of Thailand has vowed to AirDrop $300 in digital currency to anyone over the age of 16 if he wins the election to become the next Prime Minister of Thailand. The Opposition Leader, Srettha Thavisin, announced this handout policy in the heavily populated Thai province of Nonthaburi. The leader was a real estate mogul in his previous profession before turning politician.
According to the Chief Advisor of the opposition party on matters public participation and innovation, the handout policy is part of the blockchain-based Thai project designed to distribute Thai products abroad and help introduce digital currencies in Thailand. The handout has a limitation, it must be spent within a 4-kilometre community radius in 6 months. Paetongtarn Shinawatra, the Chief Advisor for the Opposition party, also said that this policy is designed to make Thailand a fintech hub while spurring the development of its economy.
In 2022, The Thailand SEC(Securities Exchange Commission) banned the use of cryptocurrency as a form of payment. However, the ban was applied only on payments as it allowed crypto trading and digital assets. The agency cited the possibility of crypto payments being used to launder money and the inability of the Thai Central Bank to step in to regulate the sector as the major reasons for taking that course of action. During the same period, Thai authorities had announced a plan to regulate digital asset payments in the country.
The opposition party, through its advisor, has explained that the funds will be invested in local areas within several months after receiving them. However, critics have slammed the initiative terming it as obscure as it lacks transparency outlining the source of funds. Thavisin was however, quoted saying that the government has been feeding IV drips with small money handouts.
As politicians continue to woo their supporters, it is upon the wooer to make creative ways to drum up support. That being said, this handout policy is setting an early foundation of what Thavisin’s crypto policy is going to look like once he becomes prime minister. It is likely that he will develop a more friendly and relaxed stance towards blocckchain technology and all it brings with it.
