The Thai government issued a stern warning to citizens that misusing the new digital wallet scheme for cash conversions will result in legal repercussions.

 

This public alert comes from Deputy Finance Minister, Julapun Amornvivat, who highlighted the potential implications for those attempting to circumvent the intended use of funds.

 

The scheme, initiated by the Pheu Thai Party, aims to distribute 10,000 baht to Thai nationals aged 16 and over. The funds, accessible through a digital wallet, are solely intended for purchasing specific goods and services such as groceries, food, and non-alcoholic beverages within recipients' home districts. 

 

However, Minister Amornvivat addressed rising concerns that some individuals might cash out their digital wallets at a discounted rate, thereby contravening the policy’s guidelines.

 

"Transactions will be automatically recorded and tracked. Any attempts to misuse these funds will be met with legal action,” emphasized Julapun, though he did not specify the exact legal penalties.

 

Speculation is rife that people might try to exchange their digital wallet credits to pay for items outside the approved list, including utility bills, electronic goods, and even luxury items such as jewellery.

 

This could lead to a significant diversion from the scheme's primary goal of stimulating local economies through specific consumer spending.

 

To date, about 10 million people have registered for the digital wallet through the Stateway App, with numbers expected to surge before the September 15 deadline. The digital wallets are slated to be operational starting October, covering the fourth quarter of the year.

 

Prime Minister Srettha Thavisin has backed the initiative, asserting that it will boost domestic consumption, create local jobs, and strengthen the overall economy.

 

An estimated 45 million Thai nationals are expected to participate, prompting the government to allocate 450 billion baht—165 billion for this fiscal year and 285 billion for the next, reported Thai Newsroom.

 

The authorities remain vigilant and committed to ensuring that the digital wallets are used as intended, to invigorate the local economy and maintain compliance with the law.

 

TOP: Composite image. Picture courtesy: Thai Rath

 

-- 2024-08-02

 

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So where's the money???

I am sure Thais will not exploit the system....But they may need to register and and re-register under multiple names to make sure they get it right....lol 

45 minutes ago, 2baht said:

So where's the money???

In the former director-general of the Revenue Department's gold bars?

3 hours ago, webfact said:

The funds, accessible through a digital wallet, are solely intended for purchasing specific goods and services such as groceries, food, and non-alcoholic beverages within recipients' home districts. 

 

Sounds like the wallet will be spent mostly in places like 7 Eleven. CP must be happy with this cash transfer from the treasury to their pocket.

 

Should allow people to pay for medical bills and medicine out of this. Better than them buying junk food in 7.

5 hours ago, webfact said:

solely intended for purchasing specific goods and services such as groceries, food, and non-alcoholic beverages within recipients' home districts. 

The barter system won't stop that, 2 bottles of coke for one of Loa Kho, cheers. 

I seriously can't believe they won't allow people to pay electric bills with this . Gasoline I can understand they could buy it and sell to get cash , but electric you can only really pay at office or via a bank app using barcode on the bill .

This seems totally set up to go to the many large companies who sell all things like soy sauce , msg , cooking oil to the smaller franchises and shops . So eventually it all ends up in the large companies pockets as people can't do anything else with it .

Good news we are going to give you money but you can only spend it where we say 🙈

My wife said you can also only spend it in the area your id card is registered too.

She had to go change her id card to location we live now .

5 hours ago, 2baht said:

So where's the money???

Pending.... still.

15 minutes ago, ronster said:

I seriously can't believe they won't allow people to pay electric bills with this . Gasoline I can understand they could buy it and sell to get cash , but electric you can only really pay at office or via a bank app using barcode on the bill .

This seems totally set up to go to the many large companies who sell all things like soy sauce , msg , cooking oil to the smaller franchises and shops . So eventually it all ends up in the large companies pockets as people can't do anything else with it .

Good news we are going to give you money but you can only spend it where we say 🙈

My wife said you can also only spend it in the area your id card is registered too.

She had to go change her id card to location we live now .

Nice for those registered in the north yet working in central or southern regions.

13 minutes ago, hotchilli said:

Nice for those registered in the north yet working in central or southern regions.

I said to her that's crazy as people will either have to go to the office's to all change their cards or leave to go to their home area . I'm not sure if you can only change your card in the area you were born or can do it anywhere.

If only in area you were born then Phuket , Samui and Bangkok will be empty of restaurant staff .

4 hours ago, John Drake said:

 

Sounds like the wallet will be spent mostly in places like 7 Eleven. CP must be happy with this cash transfer from the treasury to their pocket.

 

Should allow people to pay for medical bills and medicine out of this. Better than them buying junk food in 7.

Agreed, 

Just as well there are no legal consequences for bribing voters  

A vote-buying farce. 

50 million people making individual transactions of bt 1-2k each time is going to need an awful lot of monitoring !  

Is this where the job creation comes in ?

Reported off topic posts removed, the topic under discussion here is “Thais Warned of Legal Consequences for Exploiting Digital Wallet”

Thais Warned of Legal Consequences for Exploiting Digital Wallet 

 

Who's Exploiting this Scam. how much did the Shops ,Supermarkets had to pay to get Registered for this Scam to get on the List of shops that one Can/ must Use to spent the money?

CP is the big winner in this scam

On 8/2/2024 at 6:24 AM, webfact said:

An estimated 45 million Thai nationals are expected to participate, prompting the government to allocate 450 billion baht—165 billion for this fiscal year and 285 billion for the next, reported Thai Newsroom.

 

But what if all 45 million participants decide to spend it all during October (this year)? Where's the money coming from?

you get your bribe for votes money, but we will tell you where you can use, aka friend billionaire companies only

Digital money is a threat to freedom. Go look at China!

1 hour ago, bkknirvana said:

Digital money is a threat to freedom. Go look at China!

 

No. I am not giving to look at China. I am going to watch how this plays out in Thailand. 

On 8/2/2024 at 5:24 AM, webfact said:

Transactions will be automatically recorded and tracked.

No!

Something will be recorded. And that might be what is happening, or it might not.

Isn't that super obvious? 

 

 

On 8/2/2024 at 5:24 AM, webfact said:

This public alert comes from Deputy Finance Minister, Julapun Amornvivat, who highlighted the potential implications for those attempting to circumvent the intended use of funds.

Does that include politicians and their influential friends? I mean, there is a reason why this billion THB scheme exists... 

The point is not to pay for stuff like electricity or gas, that you would pay anyway.

 

The point is you to pay for things, that you would not pay otherwise and that you are limited to, like pre-processed sausages, instant soups, soft drinks, floor cleaning products ... basically stuff you would live without and you would not buy if not given. Just to give extra spin of economy to go around products, that you would not do otherwise.

 

Gas and electricity are not there.

5 hours ago, AnotherOneHere said:

The point is not to pay for stuff like electricity or gas, that you would pay anyway.

 

The point is you to pay for things, that you would not pay otherwise and that you are limited to, like pre-processed sausages, instant soups, soft drinks, floor cleaning products ... basically stuff you would live without and you would not buy if not given. Just to give extra spin of economy to go around products, that you would not do otherwise.

 

Gas and electricity are not there.

But the poor, who (if sensible), will use it to buy their normal items....eggs. rice, milk for the kids, washing powder etc. There are many everyday necessities that the "bonus" money can be used for. It just means monies that they will not spend on them in the future.

Of course, it requires a degree of personal financial  management....which I guess the government supposes/wagers that the majority of people don't possess!

Removed an off-topic post about "power centralizing tech" in China.