April 10, 2023

Thai Political Party Vows To Offer Crypto Gifts upon Victory

Thai Political Party Vows To Offer Crypto Gifts upon Victory Featured Image

The Pheu Thai Party of Thailand reportedly pledged to give each citizen $300 in digital currency in case it won the next election.

During an electioneering event, the political party, which opposes the current prime minister, promised to gift 10,000 baht in digital currency – which equals $292 at the time of publication, according to Bangkok Post. The initiative also aims to attract international digital currencies.

Thailand is set to hold its general elections on May 14, the second since the military coup in 2014.

Commenting on the party’s promise, Srettha Thavisin, one of the party’s candidates for the prime minister, hailed the initiative as a stimulus project which contributes to making the Thai local economy depend on blockchain technology.

Also, Paetongtarn Shinawatra, Pheu Thai’s chief adviser on public participation and innovation, said the initiative is a blockchain technology-based effort to help distribute products made in Thailand abroad and bring digital currencies to the country.

Although the crypto exchanges and trading in Thailand, the country’s Securities and Exchange Commission imposes a ban on staking and lending services and strict rules for crypto custody providers. The central bank there also issued a warning for the crypto investors about the stablecoins pegged to the baht.

Given that each one in Thailand who is 16 and over will be given 10,000 baht in digital currency, the initiative is predicted to cost the government from $14 billion to $18 billion.

Some Thai people suspect the party’s seriousness about implementing the initiative on the ground, asking about the source of the funding. They also added that the party targets first-time voters.

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