Thailand Will Distribute $300 in Digital Currency to Citizens
Thailand’s recently elected Prime Minister Sretta Thavisin, a real estate tycoon and crypto advocate, has promised to distribute 10,000 baht (~$300) in digital assets to all citizens over 16 years old.
About 500 billion baht (~$15 billion) has been allocated for this initiative, with the funds to be issued in the nation’s own token, as opposed to cryptocurrencies.
In June, the Bank of Thailand launched a retail CBDC pilot program and more than 10,000 citizens of Bank of Ayudhya (Krungsri), Siam Commercial Bank and 2C2P payment service provider from Singapore participated in the testing.
This April, businesses in Thailand were recommended to exclude the acceptance of payments in cryptocurrencies, while the government also moved to eliminate VAT on transfers of digital assets until the end of 2023, as long as they take place through a licensed exchange.
In addition, crypto service providers in Thailand are now prohibited from using their customer funds for lending and investing.
