Prayut warns Pheu Thai's digital currency handout 'extremely risky'
Prime Minister General Prayut Chan-o-cha said Pheu Thai’s policy of handing out 10,000 baht worth of digital currency to voters is “risky” and warned the party to be “extremely careful”.
Prayut will be battling for the PM’s post under the banner of the United Thai Nation Party (UTNP).
Pheu Thai has promised to grant 10,000 baht in digital currency to everybody above the age of 16 if it returns to power after the May 14 election.
The money will be handed out on condition it is spent on businesses within a 4-kilometre radius of each recipient’s registered home address.
Srettha Thavisin, one of Pheu Thai’s three PM candidates, said on Friday that about 500 billion baht will be spent on the policy and the budget will come from increased tax revenue, careful budget allocation and cuts to some social welfare benefits.
While campaigning in Bangkok on Friday, Prayut warned that digital currencies carry too high a risk. He said that digital currencies are intangible and only exist based on mutual agreement between users and service providers.
“You can see that the digital currency system has already collapsed in some countries, affecting their banks and people. That is why we need to be extremely careful when using it,” he said.
The premier, who is working in a caretaker capacity, pointed out that digital currencies must be backed by real money in the treasury. He said this policy will only be viable if the treasury can support it.
“UTNP is employing extra caution when it comes to disbursing the budget. We always ensure that it follows relevant laws and regulations,” he added.
Prayut also said that all policies of UTNP are “possible” and “come straight from the heart”. He also said he has achieved some of the goals while at the country’s helm and planned to do more for the sake of the Thai people.
The party’s 33 candidates for Bangkok constituencies joined Prayut in the campaign held at Benchakitti Park in Klong Toei district on Friday.
