Block Chain App to be Developed for Digital Wallet Scheme

[snoop1130]

 

BANGKOK (NNT) - The government is moving forward with the initiative to provide a 10,000 baht stipend through digital wallet, aiming at streamlining public services and boosting economic circulation.

 

The Ministry of Finance has instructed the Government Financial Institutions Association to develop a blockchain-based system for the digital wallet application that will serve as a one-stop application to access various state-sponsored services including driving license information, the 30-baht universal healthcare service, and state welfare service.

 

As for registration, Deputy Minister of Finance Julapun Amornvivat said that both tax-registered and non-tax-registered shops can participate in the program. For the latter, the Ministry of Interior will assist in screening.

 

However, the Ministry of Finance emphasized that money transfers would only be available to tax-registered entities. Street vendors and floating markets that are not registered for Value Added Tax and are outside the tax system will not be able to exchange digital money for Thai Baht directly. However, they can use it to purchase raw materials from tax-registered shops, thus keeping the money within the economic system.

 

In addition, Julapun said the government will ensure that the funds remain in circulation, even after the initial six-month period, with further negotiations underway for a comprehensive resolution on all fronts.

 

This project aims to enhance service efficiency and invigorate economic activity across sectors, said the Deputy Finance Minister.

 

By Saranchana Roschum

 

Full story: NNT 2023-10-13

 

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[Pouatchee]

there we go.... who gonna fund this? falang tax scheme. hoorah!

                                            ????

 

However, the Ministry of Finance emphasized that money transfers would only be available to tax-registered entities.

 

taxation without representation. way to go sreta scrotum. by the way... do we do this to others in our own civilized countries?

Edited October 13, 2023 by Pouatchee

[OneMoreFarang]

6 minutes ago, snoop1130 said:

develop a blockchain-based system

Will the developers of that system have the same "standards" as all those other developers for government IT services in Thailand?

What could possibly go wrong...

 

[Karma80]

The government doesn't seem to understand that CBDCs compete with the normal monetary system and have many risks, so most countries have not proceeded. There is every chance they will screw the economy with this pursuit of a utopian tax dream or nightmare, whichever side of the fence you sit on.

[SpaceKadet]

Every time I hear that the government is gonna develop an APP for anything, I get this icy sensation along my spine.....

[eisfeld]

And the concept of a blockchain helps with this project how exactly? I understand the technical pros and cons. I don't see how that would be revelant or a good choice here.

[chickenslegs]

I don't pretend to understand the technical details. My question is: Will the 10,000 THB handout be based upon a Thai ID number, or a registered address?

 

If it's the former, every Thai over 16 years old will get it.

 

If it's the latter, many thousands of Thais will lose out because they live/work away from home.

 

It was the same during the Covid handouts - many could only claim the cash by travelling home, which was not viable.

[hotchilli]

12 hours ago, snoop1130 said:

The government is moving forward with the initiative to provide a 10,000 baht stipend through digital wallet, aiming at streamlining public services and boosting economic circulation.

What could possibly go wrong...

[khunjeff]

15 hours ago, snoop1130 said:

with further negotiations underway for a comprehensive resolution on all fronts.

 

This project aims to enhance service efficiency and invigorate economic activity across sectors,

I'd like some oil and vinegar with my word salad, please - this is all buzzwords and no substance.

[Presnock]

10 hours ago, chickenslegs said:

I don't pretend to understand the technical details. My question is: Will the 10,000 THB handout be based upon a Thai ID number, or a registered address?

 

If it's the former, every Thai over 16 years old will get it.

 

If it's the latter, many thousands of Thais will lose out because they live/work away from home.

 

It was the same during the Covid handouts - many could only claim the cash by travelling home, which was not viable.

exactly - what about college/school kids that aren't in the area of their being registered in a certain house/condo or whatever.  The school term would have

the students in the area of the school and not at their registered address for which (as I read) they have a 4-km area in which to use the digital funds.  Just wondering, as I am and ex-pat and won't get involved with that program.  

[retarius]

Og god no!!!!!! Another locally developed government commissioned app that won't work. The fun in Thailand never stops does it?

[Cake Monster]

Its a fair bet the Scammers are already ahead of the game

[Bangkok Barry]

12 hours ago, chickenslegs said:

I don't pretend to understand the technical details. My question is: Will the 10,000 THB handout be based upon a Thai ID number, or a registered address?

 

If it's the former, every Thai over 16 years old will get it.

 

If it's the latter, many thousands of Thais will lose out because they live/work away from home.

 

It was the same during the Covid handouts - many could only claim the cash by travelling home, which was not viable.

The sensible way would be to link it to Thai IDs. But this is Thailand, and it's anyone's guess how they'll screw it up. The only certainly is that they'll find a way.

[PETERTHEEATER]

The use 9f the word 'stipend' is interesting since it implies multiple deposits for individuals and not 10k as a lump sum. 

[smutcakes]

21 hours ago, Pouatchee said:

there we go.... who gonna fund this? falang tax scheme. hoorah!

                                            ????

 

However, the Ministry of Finance emphasized that money transfers would only be available to tax-registered entities.

 

taxation without representation. way to go sreta scrotum. by the way... do we do this to others in our own civilized countries?

What on earth are you talking about? 

[Guderian]

Given that it took them the best part of a decade just to develop a 90-day reporting app that works reasonably well, any poor Thai desperate for their 10,000 Baht digital wallet is likely to have a lot longer to wait than they think.

[zoltannyc]

Funny how IT terms turned into marketing terms and lost their true meaning, cloud computing, artificial intelligence, big data, the Internet of Things, and blockchain: these are just a few of the latest buzzwords that are being thrown around by marketers like confetti at a wedding. But do they know what actually mean? And more importantly, do you really need whatever it is that they're selling you? Furthermore, a blockchain wallet is a digital wallet that allows users to store and manage their Bitcoin, Ether, and other cryptocurrencies. If a digital wallet is simply a holder of money for payment, blockchain doesn't make it much  better that's countless digital wallets don't use BC technologies at all.

 

[Pouatchee]

7 hours ago, smutcakes said:

What on earth are you talking about? 

read with assistance of a dictionary and it might help. better yet stay updated on the news in thailand. finally, dont read past your bedtime

[arithai12]

On 10/13/2023 at 4:54 PM, Pouatchee said:

there we go.... who gonna fund this? falang tax scheme. hoorah!

                                            ????

 

However, the Ministry of Finance emphasized that money transfers would only be available to tax-registered entities.

 

taxation without representation. way to go sreta scrotum. by the way... do we do this to others in our own civilized countries?

If by "falang tax scheme" you mean the proposed new rules about foreign-originated income, a) they are still to be approved b) they apply to all citizens, not just farangs c) the proposed taxation would start in 2024, to be collected with tax returns in mid-2025, so well after the digital wallet scheme.

 

If you read the article, only the "money transfers" digital-to-baht would be available to tax-registered entities, but non-registered entities would still get the money in digital form and be able to use it in digital-to-digital payments.

 

If by sreta scrotum you mean the prime minister, his name is usually spelled as Srettha and this is not his idea, rather that of the PT party well before he was elected as PM.

 

And about your last question, rest assured banks and governments do much worse to their citizens in "our own civilized countries".

 

 

Edited October 14, 2023 by arithai12

[Pouatchee]

5 hours ago, arithai12 said:

If by "falang tax scheme" you mean the proposed new rules about foreign-originated income, a) they are still to be approved b) they apply to all citizens, not just farangs c) the proposed taxation would start in 2024, to be collected with tax returns in mid-2025, so well after the digital wallet scheme.

 

If you read the article, only the "money transfers" digital-to-baht would be available to tax-registered entities, but non-registered entities would still get the money in digital form and be able to use it in digital-to-digital payments.

 

If by sreta scrotum you mean the prime minister, his name is usually spelled as Srettha and this is not his idea, rather that of the PT party well before he was elected as PM.

 

And about your last question, rest assured banks and governments do much worse to their citizens in "our own civilized countries".

 

 

yawn, burp, fart, ????

[zib]

On 10/13/2023 at 10:35 PM, eisfeld said:

And the concept of a blockchain helps with this project how exactly? I understand the technical pros and cons. I don't see how that would be revelant or a good choice here.

Only in the sense that it would provide verifiable proof of unaltered supply for the public.