Srettha Thavisin, a prominent Thai businessman and former CEO of Sansiri, one of the largest real estate developers in Thailand, is running for prime minister in the country’s upcoming general election. Thavisin, who is a member of the Pheu Thai party, has promised to distribute 10,000 Thai Baht (about $300) in digital currency to every citizen if his party wins the election.
Thavisin’s proposal for a “digital currency stimulus package” has generated mixed reactions from the public and policymakers. Supporters argue that the proposal is a creative way to distribute economic relief to the Thai people, many of whom are struggling with high levels of household debt and other financial challenges. They also note that distributing funds in digital currency could be more efficient and cost-effective than traditional methods of cash distribution.
However, critics have raised concerns about the potential impact of Thavisin’s proposal on the country’s financial system. In 2021, the Bank of Thailand, the nation’s central bank, declared Thai baht stablecoins to be illegal, citing concerns about financial stability and security risks. Some analysts argue that Thavisin’s proposal for a digital currency airdrop could have “major implications” for the entire country’s financial system, potentially leading to inflation or other economic problems.
Others have questioned whether Thavisin’s proposal is the best use of government funds to alleviate poverty and stimulate economic growth. While Thavisin argues that his proposal would provide much-needed relief to the Thai people, some critics argue that the funds would be better spent on infrastructure development, education, healthcare, or other areas that could have a more long-term impact on the country’s economic wellbeing.
Despite the controversy surrounding Thavisin’s proposal, recent polls suggest that the upcoming general election in Thailand is likely to be a close race, with the Pheu Thai party currently polling at around 46%. The election, which is scheduled for May, is expected to be closely watched by investors, policymakers, and political observers around the world, as it could have significant implications for the future of Thailand’s economy and political system.
Thavisin’s proposal is not the first time that cryptocurrency has played a prominent role in Asian elections. In South Korea’s March 2022 election, for example, conservative party candidate Yoon Suk-Yeol, now the country’s president, put cryptocurrency deregulation on his list of legislative proposals to win office by a margin of less than 1%. As digital currencies continue to gain popularity and mainstream acceptance around the world, it is likely that we will see more proposals and policies related to cryptocurrency in future elections and political campaigns.
