At a policy meeting with leading figures from the Ministry of Financial Affairs, Thailand’s Prime Minister, Srettha Thavisin, confirmed that Krungthai Bank’s owned Pao Tang app would be the preferred digital wallet choice for the government’s new scheme. Harmonizing this app with blockchain technology was a prime discussion point during yesterday’s discussion, Thavisin confirmed.
The government’s primary ambition is to ensure a smooth rollout of digital currency handouts worth 10,000 baht. Approximately 56 million Thai citizens would all benefit from this incentive, as stated by the Thai leader. The digital wallet scheme played a pivotal role in the Pheu Thai Party’s election campaign, projecting a rough estimation of 560 billion baht to actualize the whole project.
During a recent governmental policy debate in the parliament, specific details concerning the funding aspect were somewhat fuzzy. The only thing that came out right was that there wasn’t any plan of borrowing for this initiative. Prime Minister Srettha, who also functions as the finance minister, noted the government might need less than a month to bring clarity on the plan. The chosen path would resonate with the country’s economic conditions in the best possible manner.
The Pao Tang app, boasting over 40 million users already, offers a multitude of e-services. These include but are not limited to a health-wallet, gold-wallet, bond-wallet, and last but not least, an e-wallet, Thavisin, 61, threw light on the readiness of the Finance Ministry to support the initiative in public-interest. This whole scenario is against the backdrop of a soaring cost of living during the current economic downturn.
Emphasising fiscal responsibility and prudence, he highlighted the necessity of considering the considerable budget involved in driving the initiative forward, according to Bangkok Post reports. On a related note, the Thai government has shown its proactive approach to spontaneous pregnancies.
They did so by unveiling a unique, groundbreaking free birth control pill procedure. A deputy spokesperson made it known that women can now get free contraceptives via the Pao Tang mobile app, an initiative that saw the light of day on August 27 last year. It is encouraged to learn more about this proposition HERE and look for more related news on our new Facebook page.
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