The party that opposes Thailand’s current prime minister has reportedly proposed for the Pheu Thai party to provide roughly $300 in digital currency to almost every citizen in the country if it wins the next election.
According to an April 7 report in the Bangkok Post, the Thai party announced during its April 5 campaign that it plans to offer all Thai residents aged 16 and over a stipend of 10,000 baht — about $292 at the time of publication . One of the party’s prime ministerial candidates, Sretha Thavisin, reportedly described the initiative as a stimulus project aimed at using blockchain technology to help the local economy. Thailand's next general election is on May 14, when all 500 seats in the country's House of Representatives will be up for grabs. Current Prime Minister Prayut Chan-o-cha, a member of the United Thai Nation Party, is eligible to hold the post until 2025 if selected, according to Thailand's Constitutional Court decision on his term limits .
While Thailand generally allows crypto exchanges and trading, the country’s Securities and Exchange Commission has been considering a ban on staking and lending services, as well as stricter rules for crypto custody providers. The country’s central bank is also warning cryptocurrency investors in 2021 about stablecoins pegged to the Thai baht. With a population of over 70 million in Thailand, around 50 to 60 million of whom are over the age of 16, crypto projects could cost the government $14 billion to $18 billion.
Thavisin's plan to distribute funds equally to residents echoes that of U.S. presidential candidate Andrew Yang in the 2020 election. Yang proposed that all eligible people in the United States receive $1,000 a month as part of a universal basic income program.
