According to Move Forward Party, a comparable program tried in Japan in 1999 had little effect.
20 October 2023 at 21:04 PUBLISHED
The National Anti-Corruption Commission ( NACC) has stated that it is closely examining the president’s handout of digital currency totaling 10,000 baht and is inviting more financial experts to meet its investigation of the matter.
The anti-graft organization stated in a statement released on Friday that it was required to determine whether the project, which is the Pheu Thai Party’s main monetary policy, runs the risk of turning into policy-oriented problem, as some critics have cautioned.
There have been growing worries, particularly among senators, that the job may jeopardize the government’s fiscal security, the statement said, even though exact details of how the system will operate and how much it may cost are not yet available.
As a result, the NACC stated that it felt it was essential to address these issues and take action by carefully examining the coverage.
According to the speech, the NACC examined the state policy speech made in parliament on September 11 and 12 as part of a preliminary evaluation of the digital wallet program based on information already available.
The investigation started after NACC member Suwana Swanjuta received an invitation to attend a Q & amp, A session about the program that the Senate had scheduled for October 10.
In a related development, former legislator Rosana Rositrakul requested the State Audit Office review and halt the program on Thursday, claiming that it could be harmful.
Through a” very software” that will be created for the purpose, the government hopes to give every Thai person over the age of 16 10,000 ringgit in digital currency. Although proponents claim that the program may be scaled back so that only those who truly need it receive funding, it could still charge up to 560 billion baht.
According to Prime Minister Srettha Thavisin, the multiplier effect from spending could increase GDP growth to 5 % the following year, and additional taxes collected would help to cover the program’s costs.
Paetongtarn Shinawatra, who is anticipated to take over as the Pheu Thai Party’s new president, has urged those who are waiting for the release to materialize to exercise patience while the cabinet decides on the specifics of its implementation.
She was in response to Deputy Finance Minister Julapun Amornvivat’s admission on Thursday that the program do not begin on February 1 as anticipated because a safe system needs more time to be developed.
According to a post made by Sirikanya Tansakun, the deputy leader of the Move Forward Party, on X ( Twitter ), the concept of digital wallet is not new. She claimed that a program very similar to this one was tested in Japan in 1999 and may have served as the model for the Pheu Thai coverage.
She urged the government to reevaluate the job after observing that a follow-up investigation revealed the Chinese program had little effect.
In the meantime, acting Democrat Party member Jurin Laksanawisit declared he would keep urging the House committee on socioeconomic development to look into the online money plan. This is due to the fact that the government is still unable to specify the project’s operation or the financing options that will be employed.