Thailand freezes digital currency books, critics call for investigation

Thailand's plan to pay 10,000 baht (~$274) to citizens over the age of 16 has been delayed, with critics calling for an investigation by the country's election commission.

According to the Bangkok Post, Thailand's Deputy Minister of Finance Julapun Amornvivat announced that the new digital wallet, which was scheduled to launch in February 2024, has been delayed to buy more time for the development of the system.

The Thai government hopes to give its wallets 10,000 baht to eligible citizens to stimulate the local economy.

Amornvivat's statement highlighted that the government needs more time to ensure the security of the system that forms the basis of the digital grant wallet, confirming that the service will still run in the first quarter of 2024.

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According to reports from the country, the sub-committee responsible for the program is still discussing the source of funding for the plan. The Pew Thai Party's digital wallet plan cost 548 billion baht ($15 billion).

The government has previously reviewed its initiative to stimulate economic growth by 5% next year, and Amorvivat said that the tax revenue from the increased economic activity will help support part of the cost of the program.

Former Thai senator Rosanna Tositrakul is highly skeptical of the project and has since called on the Election Commission to investigate the legality of the proposed scheme.

While the Thai government is considering using the national budget to finance the digital books, the lack of funding and questions about the ability to raise debt for the venture have led Tositrakul to question the legitimacy of the plan.

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