Thailand’s digital wallet project: Green light to make cash splash

[phetphet]

4 hours ago, Trippy said:

The 10,000 will be gone within a week, the national debt this will cause will be around for decades. 

Should come online in a around 4-5 years time.

[SuperSaiyan]

This is fking epic!

[soalbundy]

3 hours ago, MeePeeMai said:

Nope, must be spent within 4 kilometers of their documented domicile, can only be used to purchase items on their list of approved items, only used at participating "approved" retailers (i.e. Somchai's streetcorner Somtum cannot accept it) and it has a deadline - use it or lose it. Those working or living far from their house book address will have to return home to use it.

 

Sorry folks, lottery tickets are not on the list of approved items 555

My missus has found a way out, she has a 'buyer', he takes 20% and gives her cash. She wants our 16yr old son to have his money in the bank and she wants to increase her merchandise from Bangkok that she sells around the villages. She doesn't care about the 20% loss because she has an 80% win.

[hydraides]

People are so blind.....Wake up!! this is another tip toe .......actually a big one for the cult agenda

 

Start introducing people to Digital Money............tick

 

Cause hyper inflation in the coming months ..........tick

 

Hyper inflation will be an excuse for thailand to raise interest rates to levels of others nations (E.g 5%+) .....tick

 

Thailand citizens have some of the highest debt/earnings per month in the world.......................outcome = many thais default on loans, mortgages interest payments etc .....tick

 

Many Thais basically losing future freedoms and won't be able to borrow money from banks etc

 

America did the same during COVID ($1000 or something for each household) - There GDP is much higher of course) - It caused inflations to go over 10%

 

Wow people are so freaking stupid........people of thailand should protest so hard over this scheme

Edited October 5, 2023 by hydraides

[hydraides]

7 minutes ago, SuperSaiyan said:

This is fking epic!

So stupidly naive

[chilli42]

Does anyone even question why digital money is being implemented and who it benefits? Also, why now? No, they will take the money and spend it like lemmings. So will Thailand transition to digital currency … sure everyone wants more taxes and to be better controlled.

[FT10toLOS]

4 hours ago, Trippy said:

The 10,000 will be gone within a week, the national debt this will cause will be around for decades. 

Ahhhh.....that's the idea, it's called a "stimulus payment" to stimulate the economy

 

[HuaHinNew]

4 hours ago, proton said:

CoCo the clown, where is the 560 billion baht coming from and why not spend that on something worthwhile other than bribes for votes?

From taxation of Thais and Foreigners on Jan 1 2024 from OS money transfers into Thailand.

[shackleton]

I am still in disbelief it will happen????

But if it does good for the poor and average wage Thai people at least they have something positive to look forward to ????

[grubman]

So it sounds like the government will now tax Foreigners living Thailand and then give that to the population 

 

I guess the government needs to get the money from some where to be able to afford the new pay out. 

 

Or maybe its a way to boost popularity for the new government, that way ever one will like them,

 

hasn't this been done in the past and look what happened to the prime minister, ohhh sorry he's now the puppeteer of the new government.   

[No Forwarding Address]

5 hours ago, 2baht said:

What's the deposit for a new pick up or a Honda Click? ????

How many lottery tickets can you buy with 10,000 baht??

[hotchilli]

5 hours ago, 2baht said:

What's the deposit for a new pick up or a Honda Click? ????

Or a quick trip to 7-11   

[SiSePuede419]

I'm guessing that digital wallet is going to get hacked harder by China and North Korea than Angelina Jolie in a 90s movie about hackers. ????

[SuperSaiyan]

19 minutes ago, hydraides said:

So stupidly naive

For you and the others boomers.

[NorthernRyland]

10 minutes ago, FT10toLOS said:

 

Edited October 5, 2023 by NorthernRyland

[NorthernRyland]

9 minutes ago, FT10toLOS said:

Ahhhh.....that's the idea, it's called a "stimulus payment" to stimulate the economy

Legalized bribery. Vote for guy who gives you free money.

[NorthernRyland]

More inflation on the heels of a massive inflationary period.

[Phil1964]

Looks like the international money markets approve then? NOT!

 

https://www.nationthailand.com/business/banking-finance/40031561

 

 

[Bobthegimp]

What an evil scheme. This is a free gift to the big businesses favoured by government.  Money spent at their approved retailers takes money out of the tills of mom and pop businesses within 4km of people's homes.  "Approved" businesses not only get the handout but government also drives their competition out out of business and the Thai populace become flesh puppets who buy what they're told, when they're told, and only if they've been good little monkeys.   

 

For people who think this "money" is coming from pensioners et al don't understand how the monetary system works.  Money doesn't exist until it's borrowed into existence, it's routinely "printed" out of thin air.  Welcome to MMT. 

[Phil1964]

29 minutes ago, hydraides said:

People are so blind.....Wake up!! this is another tip toe .......actually a big one for the cult agenda

 

Start introducing people to Digital Money............tick

 

Cause hyper inflation in the coming months ..........tick

 

Hyper inflation will be an excuse for thailand to raise interest rates to levels of others nations (E.g 5%+) .....tick

 

Thailand citizens have some of the highest debt/earnings per month in the world.......................outcome = many thais default on loans, mortgages interest payments etc .....tick

 

Many Thais basically losing future freedoms and won't be able to borrow money from banks etc

 

America did the same during COVID ($1000 or something for each household) - There GDP is much higher of course) - It caused inflations to go over 10%

 

Wow people are so freaking stupid........people of thailand should protest so hard over this scheme

Same in the UK too. Government printed and threw money around during covid.

Then after lockdown inflation started. 

Then the bloody Soviets kicked off on their war program and hey ho, interest rates and inflation all headed north!

 

 

[tonypattaya]

4 hours ago, sirineou said:

That's not how this works,

The below is a over simplified explanation. 

Two terms that come into play are "Propensity to spend" and the multiplier effect. 

Propensity to spend is the percentage of this amount that is spend on the average. In Thailand I am sure is is close to 100%

The multiplier effect : is how many times that  10,000 baht will circulate in the economy . 

So I spend 10.000bht buying shiny beads, Now the shiny bead store owner  has 10.000 with which to buy beer, the beer store owner has 10.000 to buy som tam and so on and so on.

at each transaction (or most of then) a 7% tax is collected. After about 15 cycles the goverment has recouped the 10,000 and more , and the economy is stimulated. 

That's the theory. 

Of course there are some problems. The stimulus could be saved and not spend at all, or it could be spend outside the country. 

 

Do not the shiny bead retailer, the beer store owner and the som tam seller, not have any cost for the products they sell, or do they get these somewhere free?. Who gives the 10,000 baht in the first place; the taxpayer. The taxpayer therefore has 10,000 less to spend. Maybe the taxpayer, if he is a foreign company chooses another country for his business.
You see, Mr 2baht, it is not as simple as you understand. 

[ThaiFelix]

Does this guy smile in his sleep?  He has one of those smiles like he is looking you in the eye and saying "I am truly trucking you  in the arse, everybody knows it, and there aint nothing you can do about it".

[goatfarmer]

3 hours ago, WHansen said:

Much critisism from people with plenty of cash, which is no suprise.....

10,000 Baht to the majority of population will make a real difference and ease the poverty for a short time.

And in the long term? .... Inflation pro tanto.

[sirineou]

14 minutes ago, tonypattaya said:

Do not the shiny bead retailer, the beer store owner and the som tam seller, not have any cost for the products they sell, or do they get these somewhere free?. Who gives the 10,000 baht in the first place; the taxpayer. The taxpayer therefore has 10,000 less to spend. Maybe the taxpayer, if he is a foreign company chooses another country for his business.
You see, Mr 2baht, it is not as simple as you understand. 

Fundamental misunderstanding

First of all we are talking about an investment in the economy and the cost of such investment. 

Of course the bead  vendor does not spend all that he got buying beer. he is not kee Not farang after all , he spend his profit buying beer. being that beer has nutritional value, the rest he spends at the wholesaler buying more beads . then he goes out to a pub with the bead wholesaler and the wholesaler buys more beer for him and the beed guy., The beer vendor is ecstatic, with sales like that he goes out and buy beads for his gik  shiny  bead ........

Taxpayer paid 10,000 baht in to the treasury, and now there is 20,000 baht collected tax from economic activity. Taxpayer is happy , to celebrate goes out and buys beer.   

If you went to Uni and studied economics you would know that all always ends' up with beer being consumed. It's a fundamental law of nature.  

[farangkinok]

You cannot print your way to prosperity. All smoke and mirrors.

 

[sirineou]

1 hour ago, 2baht said:

Daeng the rice farmer will find that interesting! 

All he needs to know is that not all would go out and buy beer, many will go out and buy Lao khao, and we all know (well some of us do) Lao Khao is made from rice.

Case closed!!????

[MeePeeMai]

1 hour ago, hydraides said:

People are so blind.....Wake up!! this is another tip toe .......actually a big one for the cult agenda

 

Start introducing people to Digital Money............tick

 

Cause hyper inflation in the coming months ..........tick

 

Hyper inflation will be an excuse for thailand to raise interest rates to levels of others nations (E.g 5%+) .....tick

 

Thailand citizens have some of the highest debt/earnings per month in the world.......................outcome = many thais default on loans, mortgages interest payments etc .....tick

 

Many Thais basically losing future freedoms and won't be able to borrow money from banks etc

 

America did the same during COVID ($1000 or something for each household) - There GDP is much higher of course) - It caused inflations to go over 10%

 

Wow people are so freaking stupid........people of thailand should protest so hard over this scheme

Yep, a can of worms disguised as free gold (fools gold it is though).  

[Elkski]

It will add to inflation, these approved vendors will be happy and pay  some % in taxes, it stimulate the economy and buy some party lotality. 

But most most importantly they will get whereabouts, email accts, phone numbers , current addresses of everyone and a more accurate population number for 250usd. 

 

Surely the 4km or if there is a distance it will ne based on current address. 

 

[Iamloki]

5 hours ago, proton said:

CoCo the clown, where is the 560 billion baht coming from and why not spend that on something worthwhile other than bribes for votes?

The 560B will come in part from the new income taxes we will be paying. (I actually read that somewhere.)

[Iamloki]

2 hours ago, bradiston said:

Easing poverty for a short time is not actually easing poverty at all. Long term poverty is a curse and almost impossible to get out of. This will have next to no effect whatsoever. You might as well buy 10,000 THBs worth of lottery tickets. Maybe whole villages will.

A long time ago now, on a whim, I bought a scratch off for $1... won $60. I then bought 60 tickets... won $0.00.

The moral of my story... invest the 10,000 for sure, but not in lottery tickets! 555