Foreign media: Thailand may implement a digital wallet plan to airdrop 10,000 baht worth of tokens to its citizens

Odaily Planet Daily News According to the "Thai PBS World" news network under the Thai Public Broadcasting Service Corporation (Thai PBS), citing sources, the Thai ruling party will negotiate with the Bank of Thailand to develop a blockchain-based digital wallet. The facility will take at least six months to roll out, and the KYC process will also charge a fee of 100 baht per user. In addition, the plan needs approval from the country's Securities and Exchange Commission. According to reports, the program will airdrop 10,000 baht (approximately US$285) “Utility Tokens” to every Thai citizen aged 16 and above. But airdrops are not equivalent to fiat baht funds. Users can only use digital tokens within four kilometers of their residence. The tokens are only valid for six months and cannot be converted into cash or used to pay off debts. The plan is estimated to require a budget of 560 billion baht. The government is working with the Ministry of Finance and the Securities and Exchange Commission on how to issue this type of token and determine the source of funding.