Thailand’s newly appointed government under Pheu Thai is utilizing crypto and blockchain for a nationwide economic stimulus initiative. $280 cash handouts will be distributed to citizens through digital wallets on a blockchain system.
The airdropped funds, totaling 10,000 Thai baht per person (approx. $280), will provide financial relief to recipients. The blockchain network ensures security, traceability, and transparency of the transactions.
It remains unclear whether the government will build its own custom blockchain or use an existing platform. But citizens will download a digital wallet app to receive and spend the crypto cashback.
The funds must be used at local businesses within 4km of recipients’ registered addresses, aiming to boost local economies versus metropolitan areas. The crypto wallet will be active for six months.
The scheme intends to increase digital asset access and adoption nationwide. Deputy Finance Minister Julapun Amornvivat estimates it could inject $56 billion into the economy and lift 2024 GDP growth to at least 5%.
However, some have criticized the policy’s funding sources, given the current government was appointed by the military-backed Senate rather than democratically elected.
Nonetheless, the crypto stimulus airdrop represents a major government adoption of blockchain technology with far-reaching implications. It bridges digital divides by necessitating crypto wallet use to receive benefits.
The move follows Thailand offering tax incentives to encourage more investment token issuances, expecting to generate $3.7 billion. Overall, the government is rapidly embracing crypto to modernize finances.
In summary, Thailand’s crypto wallet airdrop marks a milestone for government adoption of blockchain and digital assets. By innovating welfare delivery, Thailand sets an example for financial inclusion through technology.
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