Thailand’s Plan to Airdrop $15 Billion Crypto Delayed Due to Security Concerns
Thailand’s government has announced a delay in its plan to distribute $15 billion worth of cryptocurrency to its citizens. The initial timeline for the distribution, which involved giving 10,000 baht ($275) in digital money to every Thai citizen aged 16 and over on February 1st, has been extended to ensure the development of a secure system. Despite the setback, Thailand remains determined to implement the program within the first quarter of the coming year.
Enhanced Security System Required
The decision to delay the crypto airdrop is based on the government’s emphasis on maximum security. Deputy Finance Minister Julapun Amornvivat stated that they cannot compromise the system for time. The development of a secure system is essential before proceeding with the distribution.
Sourcing Funds and Growing Skepticism
A sub-committee responsible for identifying financial sources for the program is facing challenges and will reconvene for further discussions. Economists, including former Bank of Thailand governors, have expressed concerns about the risk this program poses to the economy. Critics argue that digital money should only be directed to those in genuine need, and there are calls for revisions to exclude the wealthy.
Calls for Scrutiny and Suspension
Former senator Rosana Rositrakul has raised concerns about Thailand’s digital wallet scheme and has petitioned Thailand’s State Audit Office (SAO). She believes that a comprehensive examination is necessary, and if any violations or risks are found, suspension should be considered. Rositrakul’s petition outlines several key points, including potential financial burdens and non-compliance with relevant laws. She has also urged the Election Commission to investigate the legality of the government’s proposed distribution.
Hot Take: Thailand’s Crypto Airdrop Delayed Due to Security Concerns
Thailand’s plan to distribute $15 billion worth of cryptocurrency to its citizens has been delayed due to the need for an enhanced security system. The government aims to ensure maximum security before proceeding with the program. While there are growing concerns and calls for scrutiny from economists and critics, Thailand remains determined to implement the initiative within the first quarter of the coming year. It is essential for the government to address these concerns and ensure that the program benefits those in genuine need while avoiding potential risks to the economy.
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