Thailand’s grand plan to give its citizens digital money, worth around $15 billion in total, has encountered a setback. The Deputy Finance Minister, Julapun Amornvivat, has revealed that the program’s launch will be delayed, as reported by local media.
The Thai government has postponed the introduction of its digital currency distribution plan to the first quarter of 2024. This delay is because they require more time to create a secure system that safeguards people’s money and personal information.
The initiative was to provide 10,000 baht (about $280) to each Thai citizen above 16 years old.
Thailand’s Prime Minister, Srettha Thavisin, involved in the cryptocurrency industry, had seen this program as a way to encourage people to spend more money, which would boost the country’s economy.
Former Thai senator Rosana Rositrakul has expressed worries about the possible negative impacts of distributing digital currency on the economy and has urged Thailand’s National Audit Office to conduct a thorough assessment.
The postponement of the program highlights an increasing dispute within the country about how funds should be distributed and the potential dangers of a massive initiative, especially at a time when Thailand is dealing with public debt and economic difficulties.