The Pheu Thai Party, an opposition political party in Thailand, has reportedly announced plans to give every citizen of the country approximately $300 in digital currency if it wins the upcoming election. As per the Bangkok Post report on April 7, the party stated at an April 5 campaign event that it intends to provide a stipend of 10,000 Thai baht, approximately $292, to all Thai residents aged 16 and above.
Srettha Thavisin, one of the party’s prime ministerial candidates, reportedly referred to the initiative as a blockchain-based stimulus project aimed at boosting the local economy. With the country’s population exceeding 70 million, this crypto project could cost the government around $14 billion to $18 billion.
The plan to distribute funds equally to residents is similar to Andrew Yang’s proposal for a universal basic income initiative in the United States during the 2020 elections.
Although crypto trading is allowed in Thailand, the country’s Securities and Exchange Commission has been contemplating a ban on staking and lending services and has imposed stricter rules on crypto custody providers. Additionally, the central bank cautioned crypto investors about stablecoins tied to the baht in 2021.
The country’s general election is set for May 14, with all 500 seats in the House of Representatives up for election.