Govt spokesman sings praises of digital wallet scheme after 99 economic experts list its shortcomings
The Pheu Thai-led administration’s plan to hand out 10,000 baht in digital currency is receiving full support from businesses, the government spokesman announced on Sunday.
Chai Watcharong was defending the digital wallet scheme after 99 economic experts, including former Bank of Thailand governors, signed a petition urging Prime Minister Srettha Thavisin’s government to call off the digital wallet scheme. Their reasoning is that it will severely affect the country’s economy with too high a public debt.
Chai, however, said the scheme is being supported by many people, including Prateep Watcharachokkasem, a billionaire who has an auto business.
The digital wallet scheme was a star election campaign policy of coalition leader Pheu Thai Party. The party promised to hand out 10,000 baht to all Thais, who are 16 years and above, via a Blockchain-based digital wallet, saying it would greatly stimulate economic growth.
Chai said an International Monetary Fund (IMF) report shows that Thailand has had very low GDP growth, while data from the central bank shows that many families have high household debts and do not earn enough.
The spokesman said the digital wallet would stimulate the economy and give more spending power to people at the grassroots level.
“I want to call on the critics to open their minds to all the good things that will happen thanks to this policy,” Chai said.
He added that he believes the digital wallet will give cash-strapped people a fund to find their feet and maybe even start a business.
The PM, who was visiting Phitsanulok, has dismissed all criticism, saying he would go ahead with the scheme. He has also called on supporters of the scheme to raise their voices against the critics.
