Thai government defends 10,000-baht digital wallet scheme amid economic criticism

[webfact]

 

Economic experts’ criticism of the 10,000-baht digital wallet scheme was rebuffed yesterday by its supporters, who asserted that the cash handout would alleviate disparity and provide a crucial financial boost to the disadvantaged.

 

Jutipong Phummul headed the faction, which handed a plea to the government, encouraging the implementation of the digital wallet initiative. Presented in Parliament as an economic strategy to rejuvenate the economy, the appeal was received by Somkid Chukong, the deputy secretary-general for political affairs to the prime minister.

 

The submission followed an open letter signed by over 120 scholars, researchers, economic experts and even former Bank of Thailand governors.

The collective urged the Pheu Thai Party-led government to re-evaluate the one-off handout scheme.

 

by Mitch Connor 

Photo courtesy of iStock.

 

Full story: The Thaiger 2023-10-12

 

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[bob smith]

10 minutes ago, webfact said:

The submission followed an open letter signed by over 120 scholars, researchers, economic experts and even former Bank of Thailand governors.

These are the smart Thais who know what will happen if such a policy comes to fruition. 

[HappyExpat57]

It looks like they're taking a stab at a Universal Basic Income (UBI) which is a humane concept. However, considering how this gubmint is rife with grift, it should never be implemented without serious honest oversight.

 

My computer started gagging and laughing as I typed the last three words of the previous paragraph.

[In the jungle]

I wonder what Srettha is going to spend his 10K on.

 

 

[clokwise]

Such a rubbish idea. "Somebody" (you can guess who) will collect a 3% commission on every transaction - in AND out. Not only is that extortionate, it's unnecessary. Even PromptPay, which works just fine, is commission-free. Plus a lot of older people are gonna be left out because they are unable to navigate the process of collecting their money, for all sorts of reasons. Finally, adding all this cash into the economy will just cause inflation to shoot up rapidly - so we'll all be paying more than $10k baht soon enough, just from inflation. But, of course, they are gonna go through with it anyway, despite absolutely nobody wanting it.

Edited October 12, 2023 by clokwise

[jippytum]

This bribe costing 560 billlon is money the country can ill afford. The plan is opposed by many financial experts including ex bank governors. 

Pheu Thai are already proven to be liars for siding with the military. They can not be seen to lose face again and will proceed even  this bribe did not get them a majority in the election and is sure  to damage the enonomy. 

 

[hotchilli]

4 hours ago, webfact said:

Presented in Parliament as an economic strategy to rejuvenate the economy,

It will be a 5 minute lip, then the money will be gone... it will rejuvenate nothing long term.

[Karma80]

3 hours ago, HappyExpat57 said:

It looks like they're taking a stab at a Universal Basic Income (UBI) which is a humane concept. However, considering how this gubmint is rife with grift, it should never be implemented without serious honest oversight.

 

My computer started gagging and laughing as I typed the last three words of the previous paragraph.

It was just the uncosted bribe to pay for votes. At worst, it's a way to introduce a CBDC into Thailand, which has some serious implications, especially given the less-than-democratic nature of the governance. Let's not pretend for a moment the intention is humane.

[PETERTHEEATER]

Has 'Tony' endorsed this from this sick bed?

[dinsdale]

I smell a backflip in the air.

[Cake Monster]

Thousands and Thousands of Thais are going to be excluded from the 10 K scheme due to the rules on spending of it If some kind of geographical restriction is enforced 

EG

Thais that register for the scheme via their Home Address but work outside the province

Students at Universities Nationwide 

There is going to be a huge backlash of this scheme for the Govt