Real estate mogul and prime minister candidate Srettha Thavisin is promising to distribute digital currency to every citizen of Thailand if his political party, Pheu Thai, wins the next general election. The stimulus package, akin to a basic income, will provide economic relief to Thai citizens burdened with high household debt. Thavisin asserts that the government’s current approach of giving small handouts does not foster appropriate economic growth. The party did not disclose what tokens would be used for the airdrop.
Concerns Raised Over Proposal
Some experts in Thailand have raised concerns about the impact of the proposed digital currency airdrop on the country’s financial system. Others have questioned if the funds could be better utilized in alleviating poverty. However, recent polls suggest that the upcoming election will be a tight race, with Pheu Thai currently polling at 46% of the vote.
South Korea’s 2022 Election and Crypto Deregulation
Crypto has also played a prominent role in other Asian elections. During South Korea’s March 2022 election, the Conservative Party’s candidate, Yoon Suk-Yeol, included crypto deregulation on his list of legislative proposals, which helped him edge out his opponent and win the election by less than 1%.
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Thai Baht Stablecoins Declared Illegal
It’s worth noting that in 2021, the Bank of Thailand, the nation’s central bank, declared Thai baht stablecoins to be illegal.
As the general election approaches in Thailand, the promise of a digital currency airdrop has sparked debates over its feasibility and effectiveness. While the proposal may provide some economic relief to Thai citizens, it remains to be seen whether it is the best course of action for the country. The use of digital currency in political campaigns and elections is becoming increasingly prevalent in Asia, as seen in South Korea’s recent election. However, regulatory issues surrounding digital currencies persist, as evidenced by the Bank of Thailand’s ban on Thai baht stablecoins.
