Digital payouts may result in” irreversible financial damage ,” which is illegal.
18 October 2023 at 16: 20 PUBLISHED
Due to its potential effects on the financial system, the Thai Pakdee Party requested on Wednesday that the Administrative Court halt the president’s digital currency release, which had cost the state more than 500 billion ringgit.
Warong Dechgitvigrom, the chairman of Thai Pakdee, filed the petition and argued that the court should carefully consider the plan because it could have a permanent effect on the financial, economic, and budgetary systems. & nbsp,
The coalition-core Pheu Thai Party’s premier policy is the 10, 000-baht electronic handout. Concerns about the plan and its potential effects on the country’s budget were voiced by competitors.
Events, according to Dr. Warong, questioned how the government could obtain the release and why it was made in a digital money that Thai financial law did not support rather than fiat money.
99 seasoned economists and former Bank of Thailand governors had signed their names in opposition to the plan, which, according to Dr. Warong, could seriously harm the nation’s economic and fiscal systems and result in a significant budgetary burden.
According to him, the state may avoid any populist policies that could harm the public and the national economy over the long term.
Pisit Leeahtam, a former deputy finance minister from the Democrat Party, was one of the plan’s detractors. He claimed that it would be sufficient for the authorities to spend around 100 billion ringgit to aid 10 million impoverished people.
According to Mr. Pisit, the 560 billion baht digital currency release was excessively expensive and an inappropriate use of the national budget for all Thais 16 years of age and older.
Additionally, he claimed that using cryptocurrencies was susceptible to corruption and could not ensure accountability.
Due to the fact that there were 54.8 million Thais who were at least 16 years old, according to deputy finance minister Julapun Amornvivat, the flyer could charge up to 548 billion ringgit.
However, according to Mr. Julapun, the government had fixed requirements for eligibility, which would include their earnings.
The state was listening to opinions about the task, he said, and the online money handout was intended to boost the market. The program was still being finalized by the government, and it was anticipated to go into effect early the following year.