Thailand Delays Digital Money Handout, Critics Call for Probe. 🇹🇭
Thailand's government has postponed the launch of a digital money program aimed at boosting its economy, leading to calls for an investigation by opposition leaders.
1. Delayed Launch:
- The planned digital wallet scheme in Thailand, intended to distribute 10,000 baht (~$274) to citizens over 16 years old, has been delayed.
- The initial launch date of February 2024 has been pushed back to allow more time for system development.
2. Economic Stimulus:
- The Thai government's goal is to use the digital wallet to provide financial assistance to eligible citizens, with the aim of stimulating the local economy.
3. Security Concerns:
- The delay is attributed to the need for ensuring the security of the system supporting the digital grant wallet.
- Despite the postponement, the launch is expected to occur in the first quarter of 2024.
4. Funding Source Uncertainty:
- The sub-committee responsible for the program is still deliberating over the source of funds for the scheme.
- The estimated cost of the Pheu Thai Party's digital wallet scheme is 548 billion baht ($15 billion).
5. Economic Growth Expectations:
- The government had previously projected that the initiative would contribute to a 5% growth in the economy next year.
- Increased economic activity and tax revenue were expected to partially fund the program.
6. Legal Concerns:
- Former Thai Senator Rosana Tositrakul has expressed skepticism about the project and called for an election commission probe into its legality.
- Questions have arisen regarding the funding of the digital handout, with concerns about potential debt accumulation to cover the initiative's cost.
In Summary:
Thailand's decision to delay the digital money handout program has raised questions about funding, security, and legal concerns. It remains to be seen how this delay will impact the country's economic stimulus efforts.
