Deputy finance minister defends digital wallet scheme

[webfact]

Deputy Finance Minister Julapun Amornvivat has defended Pheu Thai’s digital wallet scheme, claiming that it is intended to stimulate the grass root economy and develop digital economy infrastructure through the use of a blockchain platform.

 

Speaking during the debate on government’s policy statement yesterday (Monday), Julapun assured parliament that the government will adhere to fiscal discipline and will not source the funding for the digital wallet scheme from national reserves, the social security fund, the Vayupak mutual fund or by borrowings which would increase public debt, as feared by its critics.

 

Regarding the restriction on the spending of the 10,000 baht for every Thai national who is 16 or older, that it must be spent in stores within a 4km radius of their residence, Julapun said that the government is collecting opinions from all stakeholders as to whether it should be 4km or more and whether the scheme will actually help to stimulate grass root economy.

 

Deputy Finance Minister Julapun Amornvivat

 

Full story: https://www.thaipbsworld.com/deputy-finance-minister-defends-digital-wallet-scheme/

 

-- The Thaiger 2023-09-12

 

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[hotchilli]

3 hours ago, webfact said:

Deputy Finance Minister Julapun Amornvivat has defended Pheu Thai’s digital wallet scheme, claiming that it is intended to stimulate the grass root economy and develop digital economy infrastructure through the use of a blockchain platform.

I didn't expect him to explain that in simple English, he didn't disappoint.

[Photoguy21]

Where is all this money going to come from?

[klauskunkel]

3 hours ago, webfact said:

Julapun assured parliament that the government will adhere to fiscal discipline and will not source the funding for the digital wallet scheme from national reserves, the social security fund, the Vayupak mutual fund or by borrowings

instead, there will be a mandatory monetary collection from billionaire MPs and Ministers both present and past to fund the scheme, for the people's happiness and to move the country forward. Yup!

[PETERTHEEATER]

2 hours ago, Photoguy21 said:

Where is all this money going to come from?

Existing taxes (so they have declared)

[smedly]

not properly regulated and open to abuses like fraud, yes it's a good idea if you want to hide money

[ikke1959]

It will not work.. Better give vouchers of 500 THB that can be spend all over Thailand.. Many people who are disabled or don't have a smartphone an people living in rural areas can't use the digital wallet except for their 7 eleven shop maybe. It is again made for cities not for rural areas

[chickenslegs]

5 minutes ago, ikke1959 said:

It will not work.. Better give vouchers of 500 THB that can be spend all over Thailand.. Many people who are disabled or don't have a smartphone an people living in rural areas can't use the digital wallet except for their 7 eleven shop maybe. It is again made for cities not for rural areas

Yep!

And all those Thais who live and work hundreds of km from their place of registration? (working in Bangkok, Pattaya, Phuket, etc.). They will get nothing, same as the covid handouts - people turning up in their Benz' to collect a few thousand baht while others queued for free food at the soup kitchens (provided by charities, not government).

[ikke1959]

7 hours ago, chickenslegs said:

Yep!

And all those Thais who live and work hundreds of km from their place of registration? (working in Bangkok, Pattaya, Phuket, etc.). They will get nothing, same as the covid handouts - people turning up in their Benz' to collect a few thousand baht while others queued for free food at the soup kitchens (provided by charities, not government).

Indeed.. They should register everybody where they live and get rid of the blue family book. Much easier we are living in the 21st century and why a registrationsystem that is so outdated?

[DrPhibes]

Ha, great place to hide and manipulate your "salary".

[Photoguy21]

20 hours ago, PETERTHEEATER said:

Existing taxes (so they have declared)

And I guess the tooth fairy will be overseeing it

[bamnutsak]

Future headline...

 

Deputy finance minister defends digital wallet scheme

 

It seems like they're focused on inflation, by reducing/controlling costs of living (electricity/fuel), and extending debt/loan repayments, rather than stimulating the economy. 

 

But who knows with this "government" as they are sending quite a few different messages all at once. There seems to be little cohesion or synergy.

 

 

 

[Sqoop]

2 minutes ago, bamnutsak said:

Future headline...

 

Deputy finance minister defends digital wallet scheme

 

It seems like they're focused on inflation, by reducing/controlling costs of living (electricity/fuel), and extending debt/loan repayments, rather than stimulating the economy. 

By giving every adult 10k aren't they causing inflation? I.e. increasing the digital money supply. 

[bamnutsak]

6 minutes ago, Sqoop said:

By giving every adult 10k aren't they causing inflation? I.e. increasing the digital money supply. 

My point was that they are not really serious about this Wallet Scheme.

 

There' way too much headwind on this.

 

There will be much slow-walking of this so that in three years they'll be saying "what wallet?" Srettha left it in a taxi and the driver kept it.

 

 

 

 

Edited September 13, 2023 by bamnutsak