Thailand’s opposition party, the Pheu Thai Party, has pledged to distribute 10,000 baht (about $293 US Dollars) in blockchain-based digital money (Crypto) to every adult in the country older than 16, if it wins the general election on May 14. The move aims to stimulate the economy and encourage regional consumption. The use of blockchain will ensure the government can track how the money is being spent. The digital currency cannot be used outside the region where the recipient’s ID card is placed, nor can it be used for betting or repaying debts.

Government Official Raises Concerns about Feasibility Of Blockchain-Based Digital Money

However, the pledge has raised questions about the logistics and feasibility of the proposal. During the early phase of the project, the 10,000 baht will need to be spent within a community radius of four kilometers in an attempt to draw in international virtual currencies. Some citizens have also raised concerns about the source of the money and whether the policy will be sustainable in the long term.

Opponents of the Pheu Thai Party have criticized the proposal, with some questioning the party’s past criticisms of a state benefit program for disadvantaged elderly people. Others have called on the party to improve the standard of living for vulnerable groups, such as children from low-income families.

Thailand’s Crypto Proposal Draws Attention from Officials and Citizens

The proposal has also drawn attention from government officials, with Thanakorn Wangboonkongchana, a minister in the office of the prime minister and the top strategist for the United Thai Nation Party, stating that he is interested in further information. However, he raised concerns about the development of a digital currency.  He also suggested that the policy may be a clever marketing tactic.

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Despite the criticism and concerns, the Pheu Thai Party’s proposal has gained support from some citizens. They see it as a way to boost the economy and provide much-needed financial support to individuals and families. The party has also stated that its goal is to make Thailand the fintech hub of ASEAN. It could have significant implications for the country’s economic growth and development.

As the election draws nearer, it remains to be seen whether the Pheu Thai Party’s proposal will gain pull and ultimately be implemented. Regardless, the proposal has sparked a debate about the potential of blockchain-based digital currencies and their role in shaping the future of Thailand’s economy.