Thailand’s Digital Wallet Scheme Delayed Amid Criticism
The launch of Thailand’s digital wallet scheme, which aims to distribute 10,000 baht (~$274) to citizens over 16 years old, has been postponed. Critics are calling for an investigation by the country’s electoral commission. The delay was announced by Julapun Amornvivat, Thailand’s deputy finance minister, who stated that more time is needed for the development of the system.
The Thai government plans to use the digital wallet to stimulate the local economy by issuing grants to eligible citizens. Amornvivat emphasized that the launch will still take place in the first quarter of 2024, but additional time is required to ensure the security of the underlying system.
Funding Concerns and Skepticism
The sub-committee responsible for the program is currently discussing the source of funds for the scheme. The estimated cost of the Pheu Thai Party’s digital wallet initiative is 548 billion baht ($15 billion). The government had initially projected a 5% boost in economic growth through this program, with tax revenue from increased economic activity contributing to funding.
However, former Thai Senator Rosana Tositrakul has expressed skepticism and requested an investigation into the legality of the proposed scheme by the election commission. Questions have been raised about potential funding gaps and the possibility of raising debt to finance the initiative.
Hot Take: Delays and Scrutiny Surrounding Thailand’s Digital Wallet Scheme
The postponement of Thailand’s digital wallet scheme has sparked criticism and calls for an inquiry into its funding and legality. While the government aims to stimulate economic growth through this initiative, concerns over financial aspects and security issues have led to delays. As Thailand works towards launching its digital grant wallet, it must address these challenges and ensure transparency to maintain public trust in the program’s effectiveness and fairness.
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