Thai PM candidate pledges $300 in crypto if elected

The Pheu Thai Party, an opposition political party in Thailand, has reportedly proposed providing nearly every citizen of the country with approximately $300 in digital currency should it win the upcoming election.

According to a report published by the Bangkok Post on April 7, the Pheu Thai Party announced at a campaign event on April 5 that it intended to grant all Thai residents aged 16 and older a monthly stipend of 10,000 Thai baht, or approximately $292 at the time of publication.

According to reports, one of the party’s candidates for prime minister, Srettha Thavisin, characterized the initiative as a blockchain-based economic stimulus project.

On May 14, the next general election in Thailand will be conducted, and all 500 seats in the country’s House of Representatives will be up for grabs.

The Constitutional Court of Thailand has ruled that current Prime Minister Prayut Chan-o-cha, a member of the United Thai Nation Party, is eligible to occupy his position until 2025 if re-elected.

Although crypto exchanges and trading are generally permitted in Thailand, the Securities and Exchange Commission is considering a ban on staking and lending services and has imposed stricter regulations on crypto custody providers. The country’s central bank also issued a warning about stablecoins pegged to the baht in 2021.

The crypto initiative could cost the government anywhere between $14 billion and $18 billion, based on Thailand’s population of over 70 million, of which approximately 50 million to 60 million are adults.

The proposal of the government of Thavisin to distribute funds equally to its citizens is similar to that of 2020 presidential candidate Andrew Yang of the United States. Yang proposed that all eligible Americans receive $1,000 per month as part of an initiative to provide a universal basic income.