Thailand’s opposition is preparing an ambitious measure in the event of a legislative victory in next month’s elections. Pheu Thai, the main populist-ranked opposition party, has pledged to distribute 500 billion baht (about $15 billion) to individuals over the age of 16 through digital wallets based on cell phone technology. blockchain.
Thai opposition prepares airdrop in case of legislative victory
Pheu Thaithe main opposition party in Thailand classified as populist, promises to distribute 500 billion baht (about $15 billion) if he wins next month’s election.
This would amount to distributing 10,000 baht (about $300) initially to 55 million people, with the offer only for individuals over the age of 16. Without specifying how much, the leader of the political committee of Pheu Thai also announced that more money would be distributed in the months following a hypothetical coming to power of the party.
The big surprise is that according to the Pheu Thai announcement, the baht we are talking about here will be distributed through digital wallets using blockchain technology. The wallet can a priori be used to purchase goods and services.
The elections, which will take place on May 14, will renew the 500 members of the House of Representatives. New poll follows recent dissolution of Thailand’s National Assembly by decision of the unpopular Prime Minister Prayut Chan-o-Cha.
At the same time, Pheu Thai also announced that he wanted to put in place numerous measures aimed at relieving the household budgetin particular by guaranteeing them a minimum monthly income, by tripling agricultural incomes or even by significantly increasing the country’s minimum wage, currently set at 354 baht per day, or about 10.44 dollars.
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A measure to attract digital currencies
According to the Bangkok Post, Pheu Thai party leader Paetongtarn Shinawatrawould have qualified this decision of blockchain-based effort to help distribute Thai-made goods overseas and introduce digital currencies to the kingdom “.
Moreover, he also reportedly said that he wanted to make Thailand “ asean fintech hub [l’association des nations de l’Asie du Sud-Est, NDLR] “.
The exact currency used for this “airdrop”, however, has not been revealed, and this knowing that the digital baht is still not in the market. Still, a 2022 Chainalysis study ranked Thailand as the 8th most crypto-friendly country.
It remains to be seen whether the country will be able to assume such an expense, although the initiative is commendable. Indeed, some commentators have pointed out that such a measure could also have the effect of increasing the state’s debt and thus encouraging inflation.
According to a recent Reuters poll, the Pheu Thai party would currently attract 46% of the vote.
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Source: Bloomberg
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