Thai party pledges to distribute cryptocurrency if it wins the May elections

Srettha Thavisin, the leader of the opposition party For Thailand (Pheu Thai), pledged to give every citizen over 16 a sum in digital assets if the party wins the elections in May. The Bangkok Post reports.

The party plans to earmark about 500 billion baht ($15 billion) for the initiative, according to Bloomberg. Each eligible resident would allegedly receive 10,000 baht ($300).

The cryptocurrency to be used for the state airdrop has not been specified.

“Our country has been economically weakened over the past eight years […]. The current government is handing out small cash handouts. This is the wrong path and does not foster proper economic growth,” Thavisin said.

In his view, the initiative would provide some economic support to local residents who have faced shrinking incomes and rising costs in recent years.

As a reminder, since 1 April 2022, businesses in Thailand were advised to stop accepting payments in cryptocurrencies.

Later, authorities abolished VAT on transfers of digital assets until the end of 2023. The regulation applies only if the transaction was conducted through a licensed crypto exchange.