Thailand Opposition Leader Vows $300 Crypto Airdrop If Elected Prime Minister – Here’s What You Need to Know

Adoption Thailand
Last updated:
Author
Author
Ruholamin Haqshanas
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: Adobe/johan10

The opposition leader of Thailand has promised to airdrop 10,000 baht ($300) in digital currency to anyone 16 or over should his Pheu Thai Party win the next election. 

On Wednesday, real estate mogul turned candidate Srettha Thavisin announced the $300 handout policy in the heavily populated central Thai province Nonthaburi, according to a report by the Bangkok Post.

Paetongtarn Shinawatra, Pheu Thai’s chief adviser on public participation and innovation, claimed the policy is part of a blockchain-based project designed to distribute Thai products abroad and help introduce digital currencies to Thailand. 

The $300 airdrop will need to be spent within a 4-kilometer community radius in six months. 

Shinawatra said the policy is designed to make Thailand an Asian fintech hub while spurring the development of its economy. 

He explained that the funds would be invested in local areas for people to use within several months after receiving them, although critics slammed the initiative for lacking transparency and not clearly outlining the funding sources.

“Our country has been economically bruised over the last eight years, with less income and more expenses for the people,” Thavisin was quoted by Bloomberg as saying. 

“The current government has been feeding IV drips with small money handouts. That’s not the right way and doesn’t stimulate the appropriate and right economic growth.”

Experts Show Concern About Sources of Funding 

The policy has been criticized as a vote-winning gimmick, with some experts noting that there is no clear funding source to cover the initiative.

Waiwit Thongthongkham, a commercial bank employee, acknowledged that people like the prospect of free money from the authorities, but questioned where it would come from. 

Pundits have also pointed out that Pheu Thai had previously criticized a policy by the Prayut government regarding a state welfare scheme for poor elderly people.

The Pheu Thai Party is running against the ruling Palang Pracharath Party, led by Prime Minister Prayut Chan-o-cha, a former chief of the military junta that ruled the country after a coup in 2014. 

Thanakorn Wangboonkongchana, a minister in prime minister Chan-o-cha’s office and chief strategist in the United Thai Nation Party, said the budget would run to 500 billion baht ($15 billion) if distributed to all 50 million Thais. 

He also said that creating a digital currency would be a significant challenge, with implications for the country’s entire financial system, and suspected that the policy was a marketing gimmick.

The move by Thailand comes as more and more Asian countries are striving to create a more friendly environment for crypto firms in a push to become global crypto hubs. 

Just recently, it was revealed that the Monetary Authority of Singapore and the police have been working with lenders in the country to refine their approach to onboarding crypto service providers. 

Similarly, Hong Kong has been aggressively pushing with its plans to become a global crypto hub. 

As reported, Hong Kong officials plan to host a meeting between crypto companies and bankers in an attempt to ease financing for the sector, which suggests the city is determined to tackle various difficulties that crypto companies face when trying to set up corporate banking accounts.

Furthermore, a number of Chinese state-owned banks in Hong Kong, including the Bank of Communications, Bank of China, and Shanghai Pudong Development Bank, have either started offering banking services to local crypto firms or have made inquiries.

More Articles

Blockchain News
Crypto Mining Hardware Sales ‘Triple’ in Russia as Moscow Teases ‘Light Touch’ Regulation
Tim Alper
Tim Alper
2025-01-12 23:30:00
Altcoin News
Three Russian Nationals Indicted for Operating Crypto Mixers by Georgia Federal Grand Jury
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-01-12 09:54:11
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors