BANGKOK, Thailand – Former Prime Minister Thaksin Shinawatra presented his vision during a Dinner Talk titled “Vision for Thailand 2024”, organized by Nation TV at Paragon Hall, Siam Paragon Mall on August 22. One of the highlights of his speech was a plan to stimulate the economy through a 10,000-baht distribution via a digital wallet, which he described as a “triple-win solution.”
Thaksin explained that this initiative aims to stimulate the economy, which has been growing slower than other countries due to insufficient money circulation. The Bank of Thailand, he said, has been cautious to avoid putting commercial banks at risk, leading to the need for economic stimulation through government intervention.
The use of a digital wallet, instead of direct cash, is intentional, Thaksin noted. He emphasized that behind the digital wallet lies blockchain technology and smart contracts, which allow for precise control of how the money is spent. For example, it can be restricted to certain geographical areas or categories of goods, ensuring that the funds circulate effectively within local economies.
Additionally, Thaksin expressed hope that this initiative would introduce rural communities to digital technology, much like how many farmers have already learned to use platforms like Facebook and LINE.
Once people become familiar with this technology, Thaksin envisions expanding the use of digital IDs and super apps that will allow citizens to access all government services online. In the future, small-denomination bonds could even be issued through this system, replacing physical cash for everyday transactions.
Thaksin revealed that a mid-year budget for 2024, amounting to 145 billion baht, has been allocated for this project, with the goal of distributing funds by September 2024. Initially, the money will be distributed to 14.5 million vulnerable people, including 13.5 million from fragile groups and an additional 1 million people with disabilities. In October, once the new budget is released, the digital wallet system will be rolled out to a larger group of nearly 30 million people who have registered. The government will ensure that those eligible do not overlap with the previously assisted groups before finalizing the disbursements.
Through this precise economic stimulus, the government aims to drive growth in every region of the country, leading to a more vibrant and flourishing economy across Thailand.
