Thailand delays 15 billion USD digital wallet scheme
Thailand’s Deputy Minister of Finance Julapun Amornvivat on October 19 announced that the scheme to give 10,000 THB (274 USD) in handouts via digital wallets to more than 50 million people in the country will not be started on February 1, 2024 as planned.
Bangkok (VNA)🅘 – Thailand’s Deputy Minister ofFinance Julapun Amornvivat on October 19 announced that the scheme to give10,000 THB (274 USD) in handouts via digital wallets to more than 50 millionpeople in the country will not be started on February 1, 2024 as planned.
He said that the scheme requires more time to develop a safesystem but the ministry will launch it within the first quarter of next year. Previously, the Thai Prime Minister chose February 1, 2024, toroll out the scheme which is considered a measure to revive the Thai economy. Under the scheme, 10,000 THB ofdigital money will be given to every citizen aged 16 and over, at an estimated cost of 548billion THB (15 billion USD). The government said digital money will be allocated through a new“super app.” Prime Minister Srettha Thavisin assessed that the multiplier effect of increasedconsumer spending could help the Thai economy grow by up to 5% next year. Heaffirmed that increased tax revenue from economic activities will help pay partof the scheme. However, a growing number of economists, including two formergovernors of the Central Bank of Thailand, believe that the policy poses agreat risk to the economy as public debt is testing its limits./.
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Illustrative photo (Photo: AFP/VNA) 
