Thailand to Implement Digital Cash Handout for Low-Income Citizens

IconCryptoNewsTerminal Staff24 Jul, 2024

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Thailand to Implement Digital Cash Handout for Low-Income Citizens

Thailand's finance minister, Arkhom Termpittayapaisith, has announced plans to distribute digital cash handouts to citizens in an effort to stimulate the economy. The plan will see 10,000 baht (approximately $300) distributed to 45 million Thais, representing around two-thirds of the average monthly income. The digital wallet scheme was a campaign promise of the Pheu Thai party, which won the general election last year. The implementation of the digital cash handout is expected to provide significant relief to low-income households and contribute to economic growth. The government believes that the handout will encourage spending and boost consumer confidence. The distribution of the digital cash will commence on August 1st, and it is estimated that it will take around two months to complete. The government has already allocated $13.5 billion for the program. The digital cash handout is part of a wider government strategy to promote financial inclusion and accelerate the adoption of digital payments. Thailand has been actively promoting the use of digital payments in recent years, and the COVID-19 pandemic has further accelerated this trend.

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