Published on November 5, 2023, at 5:00
Srettha Thavisin, the prime minister, insisted yesterday that the state would never retract its announcement of digital currency, saying that more information would be made public on Friday.
Regarding the scheme’s development, Mr. Srettha stated that the specifics of the initiative, including how it will be funded, would be revealed at a particularly scheduled press conference.
” A timeline and standards will be evident. The modern bag system is crucial. Everyone is in agreement that economic stimulation is required. But we must talk about the appropriate level of economic stimulation.
Mr. Srettha, who also serves as finance minister, said,” As I always say, I’m willing to listen to ideas.”
When asked if the government should proceed cautiously with the plan because it cannot obtain to back out of it, Mr. Srettha replied,” I don’t think of taking a step back.” I must proceed, give it my all, and follow the law for the good of all. ”
Additionally, he assured that the payments would be distributed using the Pao Tang phone app, an open-platform digital wallet run by Krungthai Bank.
He was acting in accordance with the Joint Standing Committee on Commerce, Industry, and Banking’s( JSCCIB ) recommendation that using the app for the digital wallet scheme would result in cost and time savings.
According to the JSCCIB, the government could also use the app to expand into social welfare initiatives and various state programs.
The prime minister responded that all of its policies are extremely important when asked if the Pheu Thai-led state is placing high bets on the plan. Allow the people make their own decisions, he continued.
The modern bag was needed to boost the economy, according to Pichai Chunhavajira, a prime minister’s advisor, but it was unlikely to be implemented in February as planned.
The program, which is scheduled for September and is anticipated to be funded by the monthly budget, will be delayed by seven months.
The number of qualified individuals is thought to be around 40 million, according to Mr. Pichai, who added that the range will be adjusted to take into account issues from various quarters.
To ensure that the money is distributed equally, he said, the 4 km spoke restriction in which the online money can be spent is also likely to be revised to include an entire area.
To monitor the distribution of the digital currency, which was first made available to everyone 16 and older regardless of their financial situation, the government has established a committee. This committee will also consider potential changes, such as reducing the number of people eligible to receive it.