Cryptocurrency
Thailand's $12.4 Billion Digital Cash Stimulus Plan to Boost Economy
Tuesday. July 16 at 12:30 AM
1 min. readThailand is gearing up to introduce a $12.4 billion digital cash initiative to revitalize its economy. Initially a $13.8 billion program, the 'Digital Wallet' scheme aims to provide 10,000 baht (around $275) to 50 million citizens. The plan, set to launch on August 1, targets individuals and businesses to spur local spending over six months. Financed through 2024 and 2025 budgets, with support from the Bank for Agriculture, the initiative restricts funds usage to local purchases, excluding certain items. Despite optimism from the government, economists have raised concerns about its long-term impact on public debt and economic sustainability. This move signifies a significant economic policy shift for Thailand amid sluggish growth. In the realm of cryptocurrency, Binance's collaboration with a major Thai entity aims to disrupt criminal networks, showcasing the evolving landscape of blockchain technology.