Thailand’s Goverment Postpones $15 Billion Digital Currency Stimulus Amid Security Concerns
Thailand’s audacious scheme to distribute digital currency to its citizens, valued at around $15 billion, faces a setback. The Deputy Minister of Finance, Julapun Amornvivat, has announced the deferment of this initiative to early 2024.
The government’s decision to prioritize security. As digital transactions globally are often the targets of cyber threats, the nation underscores the need for a foolproof system to safeguard both funds and user data.
Originally, this plan, championed by Prime Minister Srettha Thavisin—who has ties to the cryptocurrency sector—was aimed at reviving consumer spending, thus giving the economy a significant boost. The aspiration was to achieve an impressive 5% economic growth in the forthcoming year.
Expectedly, the boost in economic activity from this would, in turn, elevate tax revenues, serving as a source of funding for this initiative.
However, not all are in accord. While some experts advocate for a more nuanced rollout—suggesting targeted “e-wallets” for specific groups who genuinely need the support—others, like former senator Rosana Rositrakul, voice concerns over the potential economic repercussions.
Such critiques highlight the pressing need for a meticulous review, especially in light of Thailand’s existing economic challenges and public debt.
In essence, while Thailand’s intention to harness digital currency for economic rejuvenation remains clear, its approach is under scrutiny, signaling both the nation’s ambition and the inherent challenges of pioneering large-scale digital initiatives.
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