Thai Political Party Promises $300 in Crypto to Citizens Upon Victory

• The Pheu Thai Party in Thailand has proposed giving nearly every citizen of the country roughly $300 in digital currency should it win the next election.
• The party plans to give all Thai residents 16 years and older a stipend of 10,000 Thai baht if they form the next government.
• Thailand’s next general election will be held on May 14, at which time all 500 seats in Thailand’s House of Representatives will be up for grabs.

Thai political party Promises Crypto Stimulus

The Pheu Thai Party, a political party in opposition to the current prime minister’s in Thailand, has reportedly proposed giving nearly every citizen of the country roughly $300 in digital currency should it win the next election. According to an April 7 report from the Bangkok Post, the Pheu Thai Party announced at an April 5 campaign event that it planned to give all Thai residents 16 years and older a stipend of 10,000 Thai baht — roughly $292 at the time of publication. One of the party’s candidates for prime minister, Srettha Thavisin, reportedly described the initiative as a stimulus project aimed at helping the local economy using blockchain technology.

Election Details

Thailand’s next general election will be held on May 14, at which time all 500 seats in the country’s House of Representatives will be up for grabs. Current Prime Minister Prayut Chan-o-cha is eligible to hold his position until 2025 if selected following a decision from Thailand’s Constitutional Court regarding his term limit.

Cryptocurrency Regulations

Though crypto exchanges and trading are generally permissible in Thailand, its Securities and Exchange Commission (SEC) has been considering a ban on staking and lending services and established stricter rules for crypto custody providers. The country’s central bank also warned crypto investors in 2021 about stablecoins pegged to baht.

Potential Cost

With Thailand’s population at more than 70 million people — 50 million–60 million older than 16 — this crypto project could cost between $14 billion – $18 billion dollars depending on implementation details.

Similar Initiatives

Srettha Thavisin’s plan to distribute funds equally echoes that of United States presidential candidate Andrew Yang during 2020 elections who proposed giving eligible citizens money regardless if they worked or not