Pheu Thai Party pushes digital wallets programme

The Thailand Development Research Institute (TDRI), however, feels the proposed budget is too high and that 100-200 billion baht is sufficient to meet the stated aim of stimulating the economy.

By supporting digital currency initiatives, the Pheu Thai Party aims to lead Thailand into the Web 3.0 era.

As the leading party in forming the government, Pheu Thai has announced a proactive policy to stimulate and revive various aspects of the economy, consisting of 25 policies with a combined budget of almost 2 trillion baht, divided into 5 policy groups.

One policy is the distribution of 10,000 baht in digital currency, with a budget of 560 billion baht, to be implemented within 6 months of the new government taking office.

TDRI's past analysis suggests that digital currency policies have long-term positive effects on the economy, but the initial emphasis should be on investing in infrastructure.

The new government is advised to boldly adjust tax policies, including increasing value-added tax and wealth tax, to boost state revenue for welfare programs.

The third round of the prime ministerial election will take place on Tuesday (August 22). The Pheu Thai Party will propose the prime minister candidate, and if the voting is successful, the Cabinet will be formed to implement the policies declared to the parliament before taking office. Pheu Thai has clearly stated its intention to push for 5% annual economic growth and to rapidly implement grassroots policies, such as reducing energy expenses.

Pheu Thai recently summarised its policies to the Election Commission, consisting of 25 points with a total budget of 1.81 trillion baht, divided into 5 groups:

1. Income enhancement for citizens, requiring a budget of 560 billion

2. Debt relief for citizens (13 billion baht)

3. Elderly care and welfare (300 billion baht)

4. Improvements to education including providing tablets and upgrading teaching methods (31.8 million baht)

5.Transportation policies, such as the 20-baht Bangkok mass transit train fare (40 billion baht).

Dr. Promin Lertsuridej, chairman of Pheu Thai's economic committee, also outlined the party's 3 accelerated policies:

1. Rapid constitutional amendments to address current issues

2. Quick debt relief for citizens including farmers and SMEs

3. Swift solutions for energy price concerns

The implementation of the digital wallet policy will take some time, possibly around 6 months, as it involves setting up efficient blockchain systems, determining conditions of use, and ensuring effective expenditure. Negotiations with government agencies will be necessary to reallocate a portion of the existing 3.3 trillion baht budget to support digital currency policies and ensure sufficient payment capacity.