Thai’s Get Free Crypto? Great Way To Stimulate Use

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Every Thai citizen aged 16 and above will receive 10,000 baht (THB) in airdrop funds, which can only be used within a four-kilometer radius of their residence, as explained by a party spokesperson to the Bangkok Post.
This airdrop will utilize a national token rather than an existing digital asset or cryptocurrency. Vendors will have the option to convert it to cash at designated banks.

Critics have voiced concerns about the substantial cost, estimated at 500 billion THB ($14.3 billion), and the adoption of blockchain technology in light of existing digital banking initiatives in Thailand. Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, expressed his views, stating, “Using blockchain and tokens for this campaign is an overkill,” and suggested that the majority of Thais are already using Paotang, a digital banking wallet tailored for government initiatives, which could be a simpler and more practical alternative.

Udomsak also anticipates that the new administration will introduce more lenient crypto regulations, leading to an increase in Thai crypto projects. Thailand’s crypto landscape is evolving rapidly, with examples like Sansiri’s involvement with ICOs.

While Srettha may differ from Pita Limjaroenrat, the leader of Thailand’s Move Forward Party, both politicians share an interest in crypto. Pita has disclosed holdings in bitcoin (BTC), ether (ETH), Cardano (ADA), and BNB, despite the relatively small value of these investments in comparison to his overall wealth.

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