- Under the scheme, eligible citizens will receive the equivalent of $274
- The source of funds is not clear
Critics of the Thai government have called on the national electoral commission to probe a planned digital wallet scheme, which has been delayed, Cointelegraph wrote.
The Thai government planned to roll out the scheme in support of eligible citizens over 16 years of age, each of whom would receive the equivalent of $274 in baht, the local currency.
Julapun Amornvivat, Thailand’s deputy finance minister, stated that the launch would be delayed to enable further system development. Originally, it had been scheduled for February 2024.
Economic stimulus
The Thai government aims to stimulate the local economy by issuing 10,000 baht through the digital wallet, which has yet to materialize. The deputy minister of finance further stated that the government wanted more time to make sure the system supporting the wallet was secure. The launch has been confirmed for the first quarter of 2024.
Source of funds?
According to reports from leading Thai media like the Bangkok Post, the state entity responsible for the program is still perusing the scheme’s source of funds. The digital wallet, which was proposed by the Pheu Thai Party, is expected to cost around $15 billion in baht.
Earlier, the government publicized estimates that the scheme would contribute to economic growth by 5% next year. Amornvivat has suggested part of the program would be funded by the tax revenue from increased economic activity.
Legality of wallet is questionable
The project has some vocal critics, such as former Thai senator Rosana Tositrakul. She has called on the electoral commission to probe into its legality. She is questioning the project because the Thai government is thinking about funding it through its national budget. In addition, there are issues over the likelihood of raising debt to cover its costs due to a lack of sufficient financing.
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