Thailand’s finance minister, Pichai Chunhavajira, has confirmed a new plan to distribute digital money to 45 million citizens, boosting the country’s economy. Up to 45 million Thais will be eligible to receive 10,000 baht (about $280) in digital money on Aug. 1, according to the plan.
The Pheu Thai party, which won the 2023 Thailand election, made the promise as part of its campaign. According to information from the Associated Press, the plan will cost $13.8 billion. It will distribute the cash in digital form to Thais age 16 or older with incomes under $23,000 and savings under $13,700.
The Thailand parliament approved supplemental funds for this plan earlier in July. The money will be coming from the national budget. Furthermore, economists predict that the digital money plan will improve Thailand’s economy, which has seen little growth over the past decade.
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In addition, a spokesperson for the Digital Government Development Agency said the digital wallet app can be downloaded from the Google Play Store and Apple App Store and registered on the Thang Raj (Government Path) app. Those without smartphones can register for the benefit in person and use it, albeit with some limitations.
Importantly, the digital money plan does come with multiple restrictions. For starters, the currency features Know Your Customer (KYC) verification. KYC will exclude prisoners and people and businesses with records of economic abuse from participating. There are also restrictions on the items that can be purchased with digital money.