Thailand Digital Currency Rollout Boosts Economy
Thailand has set a rollout date for its long-awaited digital currency giveaway to stimulate economic growth and address high household debt. The distribution of ฿10,000 baht (around $280) to most adult citizens is scheduled to begin in Q4, aiming to revitalize economic activity and enhance purchasing power.
Eligible Citizens Encouraged to Sign Up for State-Backed Digital Wallet
Citizens aged 16 and above meeting certain income criteria can sign up for the state-backed digital wallet via the “Tang Rath” application from Aug. 1 to Sept. 15. The program is anticipated to reach over 50 million individuals, with an estimated cost of ฿500 billion, funded through the state budget over two years.
Prime Minister’s Initiative Faces Funding Challenges
Despite delays and funding challenges, Prime Minister Srettha Thavisin’s plan to distribute 10,000 baht in blockchain tokens to every citizen over 16 is progressing. Lawmakers approved additional funding to support the program, aiming for a participation rate of 90% and an estimated cost of around ฿450 billion.
