Government Gears Up for Digital Wallet Registration

[snoop1130]

 

The Thai Finance Ministry plans to introduce a 10,000-baht digital wallet scheme for 50 million local residents. The registration for this will start in August 2024. This initiative targets Thai citizens who are aged above 16 with low income and minimal savings. The aim of this program is to stimulate the economy by encouraging electronic spending at local shops.

 

The Deputy Finance Minister, Julapan Amornvivat, assured that the Ministry has secure funding for this 500 billion baht digital project. This budget includes 175 billion baht from the 2024 financial year, 152.7 billion baht from the 2025 fiscal year and 172.3 billion baht from the state-owned Bank for Agriculture and Agricultural Cooperatives. Despite ongoing discussions at budget committee meetings, the Ministry sees the discussions as a standard part of the process and is not worried about budget rejection.

 

On the forthcoming agenda of the digital wallet policy committee meeting, the Ministry of Commerce will tackle the preparedness of stores that wish to participate. The aim is to ensure people purchase domestic goods and raw materials, which will help boost the local economy.

 

 

Registration for 50 million people is scheduled to parallelly kick off in early August 2024. It will then close towards the end of September 2024 for multiple agencies to verify the claims. The app development is timed to complete during the third quarter, ensuring the digital money reaches the public by the end of the year.

 

The app is also expected to support various state welfare programs, such as subsidies for electricity, gas, transportation, care for the elderly and vulnerable, and health services. The purpose is to consolidate all state welfare data into one system. The Ministry of Digital Economy will be responsible for managing this app, marking it as Thailand's first application, handling data for 50 million residents for public welfare.

 

File photo for reference only

 

-- 2024-07-04

 

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[Pouatchee]

💩

[ikke1959]

4 hours ago, snoop1130 said:

which will help boost the local economy.

but will bring a big burden to the country in the coming years as interests and pay back the loan must be done.... Other ideas would have done much better for the economy instead of one time pay out of 10k, which in fact is nothing in a year time

[huangnon]

Anything to push through digital currency (slavery) for this muppet's globalist backers.

[Celsius]

Gonna tell wife to transfer money to my account so she gets some moolah

[Guderian]

The GF's already spent her 10K Baht, just paying the interest now to the guy with the baseball bat she borrowed it from, lol.

[khunjeff]

So they're getting ready to start registration for a program that hasn't been approved yet, and will spend funds that haven't been budgeted yet? Got it.

[hotchilli]

19 hours ago, snoop1130 said:

The Thai Finance Ministry plans to introduce a 10,000-baht digital wallet scheme for 50 million local residents. The registration for this will start in August 2024. This initiative targets Thai citizens who are aged above 16 with low income and minimal savings. The aim of this program is to stimulate the economy by encouraging electronic spending at local shops

Goal posts moving?

Hope the registration goes as smoothly as the senate election.. it will be a breeze.

[dinsdale]

I would bet my house on the system crashing on the 1st day.

[GreasyFingers]

This will be interesting. 175 billion baht to be spent between October and December2024 and only 152 billion for the whole year of 2025. Looks like a good way to cause inflation.

[PETERTHEEATER]

I already have a digital wallet. My wife's digits are always in it.

[Snackbar]

Minefield 

[terje johnsen]

This will bring inflation to rise and make more problem for thais with loans. When price on food and services goes up it wont get down again. Its good for the people in the short term but real bad in the Long term. 

[NoDisplayName]

Now that I have a pink ID and am a tax resident in Thailand and liable to pay tax on all income remitted, do I get a digital wallet, too?

[dinsdale]

41 minutes ago, NoDisplayName said:

Now that I have a pink ID and am a tax resident in Thailand and liable to pay tax on all income remitted, do I get a digital wallet, too?

No. Probably means you're married so kiss your income goodbye and the 10k will be gone in the blink of an eye.

[cowellandrew]

5 hours ago, NoDisplayName said:

Now that I have a pink ID and am a tax resident in Thailand and liable to pay tax on all income remitted, do I get a digital wallet, too?

Do you have black hair and brown eyes?

😂🐒🐘

[Peterphuket]

It starts with this project to get the population used to it, but the ultimate goal is much worse, in my opinion,

What worries me anyway is that CBDC, yesterday I read that within a year countries like Thailand, Brazil, Russia, China, Hong Kong, and the UAE will start a project called mBridge.
94% of the world's central banks are considering a CDBC says the BIS.

Would such a request from Krungthai bank have anything to do with that, with their message  "Krungthai Bank urges iPhone users to enable lockdown mode"