Under the plan, 50 million eligible Thai citizens will each receive a 10,000 baht ($285) digital payment to spend on local businesses on August 1, 2024. The government has marketed the scheme as an “economic tornado” that will stimulate the economy, reduce the cost of living, and lay the foundations for a digital economy.
People can pay with the digital currency in stores registered with the government and in their voting districts, excluding major retail and wholesale outlets and department stores, according to local media reports.
There are also restrictions on what they can spend the money on.
The Pheu Thai Party also shared details of the sign-up process for citizens.
This includes a six-week window — August 1 through to September 15 — for citizens to register on the government’s Tangrat app.
Applicants must be at least 16 years old, have no criminal record and qualify as low-income.
There is a separate application process for shopkeepers to be designated an eligible business to accept the currency which opens on October 1.
About 18 items including alcohol, tobacco, gold, fuel oil and electrical appliances can’t be bought with the digital currency.
Dr. Simpson: “There will likely be a small increase in GDP but less than the total expenditure,” he said.
“There might be a 1 per cent increase in GDP over two years for government borrowings and expenditure of around 2.7 per cent,” he said.
“That’s a bad return on investment for a policy that is unlikely to have much effect on reducing inequality or any other useful public policy outcome,” he said.
Another brilliant attempt at vote buying?