Finance Minister Blocks Mobile Phones from Digital Wallet Funds

[webfact]

 

In a move to ensure the digital wallet scheme benefits the local economy, Deputy Finance Minister Julapun Amornvivat has urged the Commerce Ministry to reassess its decision to permit recipients of the 10,000-baht payout from the scheme to use the funds on mobile phones.

 

This decision comes amid concerns that allowing such a purchase would not effectively stimulate domestic spending as most mobile phones are either imported or contain foreign components.

 

Prime Minister Srettha Thavisin echoed these concerns, emphasising that spending the payout on imported mobile phones could thwart the scheme’s primary goal of bolstering the local economy.

 

Julapun, who chairs the committee overseeing the digital wallet initiative, disclosed that these issues were discussed in detail during a recent meeting involving the Finance and Commerce ministries and other state agencies. The meeting aimed to finalise the list of goods that can be purchased using the digital cash.

 

The digital wallet scheme is a cornerstone policy of the Pheu Thai Party-led government, designed to revive the ailing economy. The scheme promises 10,000 baht in digital money to any citizen aged 16 or older, provided their annual income does not exceed 840,000 baht. The project is expected to cost the state around 500 billion baht.

 

To ensure adequate funding for this initiative, the Cabinet has approved a Budget Bureau proposal to raise the budget deficit for the 2024 fiscal year by 112 billion baht. With this increase, the total budget for the next fiscal year will be 3.48 trillion baht, representing a 13.1% rise from the previous year. Despite the significant financial outlay, proponents argue that the scheme aligns with the government’s medium-term financial plan.

 

The Finance Ministry is keen to reevaluate which products can be purchased using the digital funds. At present, the inclusion of mobile phones remains a contentious issue, with further deliberations expected. The final decision will critically impact how the funds are utilised and whether they achieve the intended economic stimulus.

 

File photo

 

-- 2024-06-18

 

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[Pouatchee]

well, at least uncle xi might be happy if phones are allowed...

[brianthainess]

This Gov't has More U-Turns than Highway 3, and that is a very long road from BKK to Cambodian boarder.

[brianthainess]

8 minutes ago, Pouatchee said:

well, at least uncle xi might be happy if phones are allowed...

 Well yes but it seems the Govt. are now backtracking on what they said before, how unusual. 

[brianthainess]

Delay, Delay, Delay, spending the money that is not even there to spend.  

[Gottfrid]

Why would they set any limits on what the money can be used for? They will give the money to people in need, then they will just have to believe they are used for creating a better life for a month or two. Because that´s what it is. A portion of money that will last for 1 or 2 month. Then back to the normal life without money for most people. Totally useless scheme!

[Jenkins9039]

1 hour ago, webfact said:

 

In a move to ensure the digital wallet scheme benefits the local economy, Deputy Finance Minister Julapun Amornvivat has urged the Commerce Ministry to reassess its decision to permit recipients of the 10,000-baht payout from the scheme to use the funds on mobile phones.

 

This decision comes amid concerns that allowing such a purchase would not effectively stimulate domestic spending as most mobile phones are either imported or contain foreign components.

 

Prime Minister Srettha Thavisin echoed these concerns, emphasising that spending the payout on imported mobile phones could thwart the scheme’s primary goal of bolstering the local economy.

 

Julapun, who chairs the committee overseeing the digital wallet initiative, disclosed that these issues were discussed in detail during a recent meeting involving the Finance and Commerce ministries and other state agencies. The meeting aimed to finalise the list of goods that can be purchased using the digital cash.

 

The digital wallet scheme is a cornerstone policy of the Pheu Thai Party-led government, designed to revive the ailing economy. The scheme promises 10,000 baht in digital money to any citizen aged 16 or older, provided their annual income does not exceed 840,000 baht. The project is expected to cost the state around 500 billion baht.

 

To ensure adequate funding for this initiative, the Cabinet has approved a Budget Bureau proposal to raise the budget deficit for the 2024 fiscal year by 112 billion baht. With this increase, the total budget for the next fiscal year will be 3.48 trillion baht, representing a 13.1% rise from the previous year. Despite the significant financial outlay, proponents argue that the scheme aligns with the government’s medium-term financial plan.

 

The Finance Ministry is keen to reevaluate which products can be purchased using the digital funds. At present, the inclusion of mobile phones remains a contentious issue, with further deliberations expected. The final decision will critically impact how the funds are utilised and whether they achieve the intended economic stimulus.

 

File photo

 

-- 2024-06-18

 

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Quite obvious isn't it, just force it for domestic wet-markets.

 

-> Local Wet Markets.

-> Drives up digital transactions in usually opaque markets.

-> Entices stickiness.

-> Aids in roll out of Thai CBDC to cull the grey economy and appropriately tax the ~96% of the population that don't pay tax.

-> Squeezes the avenues for 'Expats -> Tax evasion', by removing a chunk of cash transactions out of the market.

[mancub]

9 minutes ago, Gottfrid said:

Why would they set any limits on what the money can be used for? They will give the money to people in need, then they will just have to believe they are used for creating a better life for a month or two. Because that´s what it is. A portion of money that will last for 1 or 2 month. Then back to the normal life without money for most people. Totally useless scheme!

Yep. that's about right....but it was only ever about vote buying anyway.

[bob smith]

....are they seriously still peddling this ridiculous idea???

 

bob.

[watchcat]

1 hour ago, webfact said:

The digital wallet scheme is a cornerstone policy of the Pheu Thai Party-led government, designed to revive the ailing economy.

 

No. it was wote buiying, what the shins like to do.

 

[expat_4_life]

12 minutes ago, bob smith said:

....are they seriously still peddling this ridiculous idea???

 

bob.

Well, yes, of course Bob.  And implement it they will. There is more than one way to "buy" a vote - TiT

 

[bob smith]

3 minutes ago, expat_4_life said:

Well, yes, of course Bob.  And implement it they will. There is more than one way to "buy" a vote - TiT

 

Well all I can say is good luck!

 

The economy will tank and they will of course blame foreigners, somehow someway..

 

Thai people really are that gullible innit.

 

bob.

[NotEinstein]

The shallow thinking on display by this clown-government is breath-taking - obviously if they restrict the wallet money, it will get spent on necessities and the money usually spent on them with buy a new phone, after all, many will need a new phone to get access to the wallet......

[Gottfrid]

31 minutes ago, mancub said:

Yep. that's about right....but it was only ever about vote buying anyway.

True! Unfortunately, it does not seem to stop there, but they will also go ahead with it. 😂

[LivingNThailand]

2 hours ago, webfact said:

Amornvivat has urged the Commerce Ministry to reassess its decision to permit recipients of the 10,000-baht payout from the scheme to use the funds on mobile phones.

This is very confusing .  Do they mean you can't pay for something with the digital wallet using your mobile phone.?  That is how I read it.  Or you can't BUY a mobile phone with the digital wallet?

[kimamey]

42 minutes ago, bob smith said:

....are they seriously still peddling this ridiculous idea???

 

bob.

 

Of course they are, because things didn't go to plan.

 

It was a plan to encourage people to vote PT and ensure a big majority. After that it didn't really matter if it was implemented. MFP messed it up by getting more votes so now they have to show they are serious or they may have problems in the next election, if they can't get MFP banned or reforming.

[kimamey]

8 minutes ago, LivingNThailand said:

This is very confusing .  Do they mean you can't pay for something with the digital wallet using your mobile phone.?  That is how I read it.  Or you can't BUY a mobile phone with the digital wallet?

 

I assumed it means you can't buy a mobile phone since the second paragraph mentions that many are imported or contain many imported parts.

[LivingNThailand]

1 minute ago, kimamey said:

I assumed it means you can't buy a mobile phone since the second paragraph mentions that many are imported or contain many imported parts.

I read that.  Poor writing, I guess.   It still would benefit the local vendor selling the phones, though.   

[connda]

2 hours ago, webfact said:

In a move to ensure the digital wallet scheme benefits the local economy, Deputy Finance Minister Julapun Amornvivat has urged the Commerce Ministry to reassess its decision to permit recipients of the 10,000-baht payout from the scheme to use the funds on mobile phones.

 

This decision comes amid concerns that allowing such a purchase would not effectively stimulate domestic spending as most mobile phones are either imported or contain foreign components.

 

Prime Minister Srettha Thavisin echoed these concerns, emphasising that spending the payout on imported mobile phones could thwart the scheme’s primary goal of bolstering the local economy.

Look - they are trying to weasel their way out of the campaign promise.  I hope they succeed.  It's highly inflationary and the plebs need to wake up to the political scams. 

"The mobile phone may have foreign components." Oh that's rich.  Have you ever taken a look at a circuit board and viewed where the chips on the board are manufactured?  There isn't a consumer electronics device in the world that doesn't have "foreign components."  That is one of the most moronic statements I've seen for a long time.  That's good for a laugh! 

[connda]

3 hours ago, webfact said:

The digital wallet scheme is a cornerstone policy of the Pheu Thai Party-led government, designed to revive the ailing economy.

If they implement this madness the pursuant inflation will destroy the economy.  Which may be the goal.

[khunpeer]

3 hours ago, webfact said:

 

In a move to ensure the digital wallet scheme benefits the local economy, Deputy Finance Minister Julapun Amornvivat has urged the Commerce Ministry to reassess its decision to permit recipients of the 10,000-baht payout from the scheme to use the funds on mobile phones.

 

This decision comes amid concerns that allowing such a purchase would not effectively stimulate domestic spending as most mobile phones are either imported or contain foreign components.

 

Prime Minister Srettha Thavisin echoed these concerns, emphasising that spending the payout on imported mobile phones could thwart the scheme’s primary goal of bolstering the local economy.

 

Julapun, who chairs the committee overseeing the digital wallet initiative, disclosed that these issues were discussed in detail during a recent meeting involving the Finance and Commerce ministries and other state agencies. The meeting aimed to finalise the list of goods that can be purchased using the digital cash.

 

The digital wallet scheme is a cornerstone policy of the Pheu Thai Party-led government, designed to revive the ailing economy. The scheme promises 10,000 baht in digital money to any citizen aged 16 or older, provided their annual income does not exceed 840,000 baht. The project is expected to cost the state around 500 billion baht.

 

To ensure adequate funding for this initiative, the Cabinet has approved a Budget Bureau proposal to raise the budget deficit for the 2024 fiscal year by 112 billion baht. With this increase, the total budget for the next fiscal year will be 3.48 trillion baht, representing a 13.1% rise from the previous year. Despite the significant financial outlay, proponents argue that the scheme aligns with the government’s medium-term financial plan.

 

The Finance Ministry is keen to reevaluate which products can be purchased using the digital funds. At present, the inclusion of mobile phones remains a contentious issue, with further deliberations expected. The final decision will critically impact how the funds are utilised and whether they achieve the intended economic stimulus.

 

File photo

 

-- 2024-06-18

 

Get our Daily Newsletter - Click HERE to subscribe

Hub of U-turns! 😁

[hotchilli]

2 hours ago, Gottfrid said:

Why would they set any limits on what the money can be used for? They will give the money to people in need, then they will just have to believe they are used for creating a better life for a month or two. Because that´s what it is. A portion of money that will last for 1 or 2 month. Then back to the normal life without money for most people. Totally useless scheme!

It won't be long before they say you can only make purchases from your local CP outlet

[Purdey]

Just cancel the money giveaway. There must be another use for government funds during a period of high household debt.

[PETERTHEEATER]

4 hours ago, webfact said:

The digital wallet scheme is a cornerstone policy of the Pheu Thai Party.....

I think they will find it to be a millstone....

[natway09]

Beer & (or) Lao Khao, that's the go

[connda]

3 hours ago, hotchilli said:

It won't be long before they say you can only make purchases from your local CP outlet

Dude - you nailed it.  Sorta like Covid.  Only "Essential Business" will be allowed to participate. 

"Essential Business?"  Thai monopolies or businesses run by connected Thai billionaires.

[hotchilli]

5 hours ago, Gottfrid said:

Totally useless scheme!

It wasn't a scheme... it was a scam

[hotchilli]

4 hours ago, LivingNThailand said:

This is very confusing .  Do they mean you can't pay for something with the digital wallet using your mobile phone.?  That is how I read it.  Or you can't BUY a mobile phone with the digital wallet?

The latter

[hotchilli]

2 hours ago, Purdey said:

Just cancel the money giveaway. There must be another use for government funds during a period of high household debt.

Perhaps some more military hardware is needed for when the population finally wake up 

[stoner]

7 hours ago, webfact said:

This decision comes amid concerns that allowing such a purchase would not effectively stimulate domestic spending as most mobile phones are either imported or contain foreign components.

 

what ?