TCC Proposes Digital Money Policy Boost

[webfact]

    
BANGKOK (NNT) - Sanan Angubolkul, Chairman of the Thai Chamber of Commerce (TCC), has recently shared insights from discussions with the TCC committee and the University of the Thai Chamber of Commerce in an academic capacity.

 

The focus is on stimulating the economy through the government’s upcoming policy to provide a 10,000-baht stipend through the proposed digital wallet program. The government is currently in the process of finalizing the details of this initiative, taking into consideration feedback from various sectors to refine the project to align with its goals.

 

The TCC believes that the initiative can be executed and fully supports measures to quickly and sustainably rejuvenate the economy. However, the government needs to enhance the country’s competitive capabilities across various dimensions simultaneously to ensure balanced economic growth. With the country facing budgetary constraints, it is imperative for the government to ensure maximum economic benefit from its expenditure.

 

Key suggestions are as follows:

 

1. The TCC emphasizes the importance of establishing an efficient financial infrastructure for the distribution of digital money. Therefore, they propose leveraging the existing system of Krungthai Bank, a state-controlled bank, which already has around 40 million registered users making transactions via its application. This can be combined with digital platforms and wallets developed by other agencies to create a hybrid system, facilitating digital payments through various channels.

 

2. The TCC urges the government to prioritize other areas of national management and development alongside short-term economic stimulation. This includes enhancing production capabilities, a crucial factor for economic recovery. Specifically, water management projects should be highlighted to address the El Ni?o phenomenon which is expected to impact the country this year and the next.

 

by Na-ark Rojanasuvan

 

Source: NNT 2023-10-19

 

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[JoePai]

Hmmm so forcing all Thais to have a Krungthai Bank account - like it or not

[retarius]

Here's an idea......how about allowing foreigners to import as much money as they want into their digital wallets with no taxes. Then when the wallets are all full, they can just steal all the money. Deficit problems and Prayut/Srettha overspending solved in an instant.

[connda]

If Krungthai Bank is a public company on the SET - buy stock and go long.

The government is going to make this scheme into winners and losers.

Winners are those, like Krungthai who will be declared an "essential business" and a player in the scheme.
Losers will ultimately be everyone else, "non-essential businesses" and those deemed non-players.  And then after the government dumps about 600 billion THB into the Thai economy all at once, inflation is going to skyrocket.  For their "free" 10,000 THB the average Thai will lose multiples of that amount over the long term as inflation decimated the average citizens. 

[redwood1]

When can I get the mark of the beast......I am tired of waiting...

[Will B Good]

The blindingly obvious......if this works.....why isn't every country on the face of the Earth doing it?.......because it doesn't and never will.

 

I think the move to block this in the courts is actually a move backed by the PM to wriggle out of the whole thing.

[hotchilli]

4 hours ago, webfact said:

The focus is on stimulating the economy through the government’s upcoming policy to provide a 10,000-baht stipend through the proposed digital wallet program. The government is currently in the process of finalizing the details of this initiative, taking into consideration feedback from various sectors to refine the project to align with its goals.

CP will come out of this a winner... not sure about the boost to the economy long term