Thailand's Digital Wallet Payout Scheme Delayed Amid Legal and Financial Scrutiny
Summary:
Thailand’s proposed digital wallet scheme, aiming to distribute 10,000 baht to citizens over 16 years old to stimulate the economy, has been delayed for further system development and security checks. The launch, still anticipated for the first quarter of 2024, has drawn criticism due to questions over funding sources and potential debt increase. Former Senator Rosana Tositrakul has called for the electoral commission to investigate the proposal's legality.
The implementation of Thailand's proposed digital wallet initiative, which aims to distribute 10,000 baht (approximately $274) to citizens above 16 years old, has been postponed as calls for an investigation by the nation's election commission amplify. As initially disclosed by the Bangkok Post, Deputy Finance Minister of Thailand, Julapun Amornvivat, declared that the manifestation of a new digital wallet initially set for February 2024 will be deferred to allot additional time for system development. The Thai government envisions the wallet as a medium to dispense 10,000 baht to qualifying citizens to boost local economy. Beyond an announcement made by Amornvivat, the government yearns for additional time to ascertain the security of the infrastructure supporting the digital grant wallet, yet stays firm on initiating it within the first quarter of 2024.
According to local news, the sub-committee in charge of the initiative continues to debate over the funds' origin. The Pheu Thai Party's digital wallet plan is expected to set back 548 billion baht ($15 billion). The Thai administration had earlier speculated that such an initiative would elevate economic growth by 5% next year. Amornvivat also proposed that tax revenue garnered from heightened economic activity could subsidize a portion of the program's expense.
Prominent critic and ex-senator of Thailand, Rosana Tositrakul, who publicly casts doubt on the project, has since urged the electoral commission to scrutinize the proposed plan's legality. With Thailand's government contemplating using its national budget to sponsor the digital allocation, questions surrounding insufficient funding and the prospect of incurring debt for the endeavor's sake resulted in Tositrakul challenging the scheme's legality.
Published At
10/23/2023 10:04:42 AM
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