Thailand reveals date for $14b digital currency giveaway

Thailand has unveiled the rollout date for its long-delayed cash handout to boost the economy and tackle high household debt.

Thailand has announced the rollout date for its digital currency giveaway aimed at revitalizing economic activity and addressing the nation’s high household debt, Bloomberg reports. According to Thailand’s finance minister Pichai Chunhavajira, the distribution of ฿10,000 baht (around $280) to most adult citizens will begin in Q4.

Eligible citizens aged 16 and older under a certain income threshold could sign up for the state-backed digital wallet from Aug. 1 to Sept. 15 through an application called “Tang Rath,” which is expected to boost purchasing power and stimulate the overall economy.

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

The government expects the program to reach over 50 million people, with an estimated cost of ฿500 billion (around $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.

Thavisin had promised to give 10,000 baht in the form of a blockchain token to every citizen over 16 if he won the election. Despite his election in late August 2023, this airdrop has yet to occur.