Exciting news, folks! The much-anticipated 10,000-baht digital wallet handout is set to begin on August 1st, as revealed by Prime Minister Srettha Thavisin. This announcement came via a tweet on X, coinciding with a crucial meeting of the Digital Wallet Policy Committee. The committee is feverishly preparing for the registration of both eligible recipients and vendors for this transformative scheme.
Addressing potential concerns, Prime Minister Srettha assured that measures are being put in place to tackle irregularities and ensure that all eligibility criteria are meticulously reviewed. “This initiative involves significant spending aimed at stimulating the economy,” the prime minister emphasized, “so we must ensure all legal and technical aspects are thoroughly vetted.”
Deputy Finance Minister Julapun Amornvivat, heading a sub-committee on the handout’s finer details, revealed some intriguing updates. The major committee approved a proposal to not borrow from the Bank for Agriculture and Agricultural Cooperatives (BAAC). Instead, the project budget has been scaled down from 500 billion to 450 billion baht, a move that’s anticipated to still make a substantial positive impact on the economy.
This funding will be sourced from two primary channels: the 2024 fiscal budget accounting for 165 billion baht, and the 2025 fiscal budget covering 258 billion baht. This prudent approach sidesteps the legal pitfalls associated with borrowing from the BAAC, whose laws restrict it to assisting farmers solely and not broad economic ventures.
Julapun also ensured that the scheme will cover around 50 million people with the new budget of 450 billion baht. He confidently noted that previous projects saw about 90% of eligible individuals registering, providing a robust framework for this current initiative. “We’ve taken note of all advisory inputs regarding budget management and made the necessary adjustments. Should registration exceed 90%, we have fiscal mechanisms ready to address the shortfall,” he stated.
In addition, the committee delved into various proposals, including whether vendors who had previously violated state project conditions should be barred from participating. The so-called “Negative List” was approved, with a request for the Commerce Ministry to consider adding firearms to the list. Notably absent from this list are electrical appliances and electronic communication devices.
Despite funding source changes, Julapun reassured that the distribution will take place by the last quarter of this year. Prime Minister Srettha is scheduled to unveil the detailed scheme on July 24.
On another note, chief government whip Wisut Chainaroon announced that a bill authorizing the use of 122 billion baht from the 2024 fiscal budget is slated for a House debate. He’s optimistic that the House will need about five days to scrutinize the bill during its first reading. Speed is of the essence, as Wisut urged: “We’ll expedite this process because people are in dire need of this financial boost. This scheme is set to invigorate the grassroots economy.”
Meanwhile, the Digital Government Agency, tasked with overseeing digital ID registrations, confirmed that the system for registering digital wallets via the Tang Rat app is 100% ready. With all these gears in motion, it’s clear that the government is leaving no stone unturned to ensure the seamless rollout of this ambitious digital wallet handout.
This digital wallet scheme seems overly ambitious. Does Thailand’s infrastructure even support such a massive rollout effectively?
Honestly, that’s a fair point. The tech might be ready, but what about rural areas? They often get left behind in these initiatives.
Guys, it’s 2023. Most places have some form of digital readymade setup by now. Don’t underestimate people’s ability to adapt.
The government has ensured us that they have everything prepared, though past initiatives have shown some hiccups.
I’m skeptical. How is giving away digital currency to everyone going to fix the economy?
It’s called economic stimulation; when people have more to spend, it boosts local businesses.
In theory, yes. But without proper constraints, there’s a risk it could just lead to inflation.
Exactly! We might end up with higher prices and the same struggling economy.
It’s just socialist nonsense wrapped in a digital bow. What happened to earning your money?
Earning money is tough when the system is against you. This could provide the necessary push for many.
Well, if the system’s broken, shouldn’t we fix it instead of throwing money around?
Totally agree, Ackerman. Real solutions, not band-aids.
This might just be the government looking to score quick political points. Election gimmick, anyone?
Could be, but if it helps people, does it matter if it’s politically motivated?
Yeah, I mean if it helps people, why not? Better than empty promises.
Well, it becomes a problem when short-term fixes create long-term issues.
Will this include migrant workers or just Thai citizens?
As per the announcement, it’s for eligible Thai citizens. Migrants often don’t get such benefits.
Guess it’s up to NGOs and other groups to step in for migrants.
That’s a shame. They contribute a lot to the economy too.
Why isn’t more focus being put on small businesses and their sustainability instead?
This is going to require immense auditing to prevent fraud. Do we have the resources for that?
Prime Minister Srettha mentioned thorough vetting and reviews, but implementation remains to be seen.
Auditing big initiatives is usually the weakest link in the chain.
True, but we can hope they’ve learned from past failures.
Looks like a step towards a cashless society. Little scary, to be honest.
Why scared? Cashless is more efficient and traceable.
Scary because it’s more trackable, you mean. Less privacy.
Exactly, Beth. Convenience vs. privacy – it’s a big trade-off.
This just seems too complicated for the average person to grasp and use. Predicting chaos at the rollout.
Simplifying technology should be a key part of the education rollout.
Agreed! Training sessions could significantly help with onboarding.
Let’s hope that’s part of the plan.
Will this wallet be compatible with independent digital currencies or just government-controlled ones?
What about the environmental impact of creating and maintaining this digital infrastructure? It can’t be good.
Good point. Digital systems still require significant energy consumption.
All advancements come with a trade-off. Balancing growth and sustainability is key.
Exactly, and it feels like that aspect is often overlooked.
450 billion baht is substantial, but is it enough to spur the fundamental economic changes we need?
Do you think the inclusion of a Negative List is fair? Some vendors might have made mistakes, but banning them could be too harsh.
Agreed. A one-size-fits-all punishment doesn’t account for different circumstances.
Then what’s the point of having rules if breaking them comes without penalties? Consequences are necessary.
I see your point, but perhaps a more nuanced approach would be better.
I have a feeling the July 24 announcement will bring a lot of clarifications. Until then, it’s all speculation.
It’s encouraging to see such determined efforts from the government, but execution will be key here.