Thailand has announced the rollout date for its long-awaited digital currency giveaway, aimed at boosting economic activity and addressing high household debt. Finance Minister Pichai Chunhavajira revealed that the distribution of ฿10,000 (around $280) to most adult citizens will commence in Q4. Eligible citizens aged 16 and older, under a specific income threshold, can sign up via the "Tang Rath" application from August 1 to September 15, intended to enhance purchasing power and stimulate the economy.
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Originally slated for early 2024, this initiative is part of Prime Minister Srettha Thavisin’s plan to spur growth, though delayed by funding issues. Recently, lawmakers approved an additional ฿122 billion for the current fiscal year to support the program.
The government expects the initiative to reach over 50 million people, with an estimated cost of ฿500 billion (around $14 billion), though with a likely participation rate of 90%, the cost may be closer to ฿450 billion. The funding will come from the state budget over two years, with ฿165 billion allocated for the current fiscal year and ฿285 billion for the next. Despite being a key election promise, this digital currency distribution has yet to take place since Thavisin's election in August 2023.