In these times of a turbulent election campaign in Thailand, the candidate for the post of Prime Minister Srettha Thavisin released his joker: a promise to distribute 300 dollars in cryptocurrency to each citizen. He hopes to relieve the most indebted households in the country. Kinds of proposals that do not go unnoticed in the crypto sphere.
$300 in crypto to citizens: Opponent Srettha Thavisin shakes up Thai politics
Since China launched its witch hunt against Bitcoin miners, Thailand has become a promised land for miners who have fled regulatory crackdowns in China. The country has thus done well in this delicate situation and has positioned itself as an attractive destination for the crypto industry.
It is therefore not surprising that crypto is making an appearance in the electoral sphere. During an election campaign held on Wednesday, Thai opposition party representative Srettha Thavisin promised to donate 10,000 baht, or $300 in crypto, to all citizens aged 16 and over .
According to report of the Bangkok Post, the idea presented by the opponent for the elections on May 14 has aroused mixed reactions. Some questioned her, while others admired her. However, the Prime Minister’s Office Minister Thanakorn Wangboonkongchana has expressed his opinion on the matter. He thus indicated that the opponent’s proposal would have “major implications” for the country’s financial system.
However, in its report, the Bangkok Post backs Thavisin’s idea by viewing it as a basic income-style economic stimulus in the form of digital currency after his victory.
Pheu Thai party boss Thavisin said the idea is designed to help ease the economic challenge of Thai people with some of the highest household debt.
In another of his statements quoted by Bloomberg, the Thai opponent indicates that the government in power does not have good methods to stimulate the country’s economy.
” The current government uses intravenous infusions with small financial aids. It is not the right path and it does not stimulate appropriate and fair economic growth. »
A fair electoral promise?
Thailand has stood out by welcoming Bitcoin miners fleeing regulatory repression in China. Thavisin’s plan to foster the crypto industry is arguably beneficial to the Pheu Thai party. Provided he wins the next election, of course.
Unfortunately, the last surveys indicate that Pheu Thai won only 46% of the votes, which could compromise Srettha’s chances of carrying out his project. However, by bringing crypto to the fore, he might be able to earn points with voters and improve his score in the May 14 election.
It is not uncommon for politicians to use cryptocurrencies for electoral purposes. In March 2022, during the presidential elections in South Korea, the candidate of the conservative party Yoon Suk-Yeol, currently president, had put forward the regulation of cryptocurrencies in his program to get ahead of his opponent. He had won the poll by a margin of less than 1%.
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