BANGKOK (NNT) - A Member of Parliament (MP) from Pheu Thai Party has indicated that the government program to provide a 10,000-baht stipend through digital wallet is completely separated from the initiative to create a cash circulation system through blockchain technology.

 

MP Worawat Ear-apinyakul from Prae elaborated on the issue. He urged the public to consider the end results of similar government programs like universal healthcare, the Village Fund, and OTOP (One Tambon One Product). The MP argued that the government is not simply giving away free money. Instead, it aims to incentivize investments, thereby stimulating the economy in a closed system that controls monetary expenditure. The ultimate outcome will be tax revenue for the government.

 

On the topic of government funding, Worawat pointed out that there is an annual surplus of 4.8 trillion baht outside the government’s regular budget. The real question is how and when the government will choose to distribute this wealth into the financial system for the benefit of the public.

 

Worawat expressed confidence in the Pheu Thai Party’s economic team. He believes they are capable of finding the right moment to implement policies like the issuance of 50 million rai of land titles, which could add an additional 5 trillion baht of financial security. With projects aimed at increasing citizens’ income through job creation and raising OTOP workgroups to industrial levels, he is confident that prosperity will reach the public within four years.

 

Lastly, the MP emphasized the government’s focus on tourism as a primary goal to boost the economy. He is optimistic that the government can efficiently resolve the country’s economic issues.

 

By Na-ark Rojanasuvan

 

Full story: NNT 2023-10-16

 

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14 hours ago, snoop1130 said:

there is an annual surplus of 4.8 trillion baht outside the government’s regular budget. The real question is how and when the government will choose to distribute this wealth into the financial system for the benefit of the public

I agree that that's the real question.

We will hear the real answer in a couple of years when cabinet ministers and their aids will have absconded to Cambodia...

you really have to wonder if this is simply trying to appease their supporters after lying to them to get into govt. The digital wallets were part of their campaign to win the election, they lost it so the promise was not and should not still be viable but they know they have lost support for  blatantly lying to their supporters  to get in to govt  to get their leader back home, this is all a total farce but is to expected from these BS artists thay would say and do anything to get their snouts back in the trough

16 hours ago, snoop1130 said:

The MP argued that the government is not simply giving away free money. Instead, it aims to incentivize investments, thereby stimulating the economy in a closed system that controls monetary expenditure. The ultimate outcome will be tax revenue for the government.

If this were true why isn't every country doing it and doing it on a regular basis?

 

This has corruption and inflation stamped in big red letters all over it.

16 hours ago, snoop1130 said:

a closed system that controls monetary expenditure.

That's one of the scary parts about a cashless system.

 

Another thing that I profess to not really understanding, but perhaps someone can explain is this as I might have the wrong end of the stick:

 

When buying, selling or transferring funds in crypto, there are fees called "gas". These can be quite high.

If the government succeed in creating their cashless society based on blockchain technology, would these fees apply to such a system?

If so, I doubt the banks would be absorbing them for long.