Thailand’s Digital Wallet Initiative Postponement Debate Heats Up

• The debut of a new digital wallet has been postponed from February 2024.
• Using the wallet, the Thai government plans to provide 10,000 baht to qualified residents.

Critics have called for an investigation by the country’s election commission into the postponement of Thailand’s proposed digital wallet initiative, which aims to pay out 10,000 baht ($274) to residents over the age of 16.

According to the Bangkok Post, the deputy finance minister of Thailand, Julapun Amornvivat, revealed that the debut of a new digital wallet has been postponed from February 2024 to allow for more development.

Multiple Obstacles

Moreover, using the wallet, the Thai government plans to provide 10,000 baht to qualified residents in an effort to boost the country’s economy. Amornvivat said in a statement that the introduction of the digital grant wallet is still scheduled for the first quarter of 2024, but that additional time is needed to assure the security of the underlying system.

The subcommittee in charge of the initiative is reportedly still debating where to get the money for the notion. The digital wallet plan of the Pheu Thai Party is expected to cost over $15 billion.

Also, the government has predicted that the effort would boost economic growth by 5% the next year. And Amornvivat has proposed that tax money from increased economic activity will help cover a portion of the scheme’s costs.

Ex-Thai senator and outspoken critic Rosana Tositrakul has asked the electoral commission to look into the legitimacy of the plan.

Furthermore, as the Thai government is contemplating utilizing the national budget to finance the digital giveaway. Tositrakul has raised concerns about the program’s constitutionality. Due to concerns about a shortage of cash and the possibility of generating debt to pay for the effort.

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