Bangkok: “Worawut Thai Sang Thai” has criticized the government’s digital money distribution initiative, claiming it has failed to significantly boost the economy, with an impact of less than 0.5%. The program, which involved distributing 200 billion baht in digital currency, has been plagued by budgetary issues, delays, and technological challenges, according to Mr. Worawut Towirat, deputy secretary-general of the Thai Sang Thai Party.
According to Thai News Agency, Mr. Worawut underscored the project’s shortcomings, stating that despite the substantial allocation of over 185 billion baht in the first and second phases, the economic stimulation amounted to only 0.35% of GDP. He expressed that the initiative was conceived without addressing underlying structural economic problems. Concerns were raised about various issues that resulted in the failure of the initial phases, including budget constraints and technological setbacks, leading to indefinite delays in registration for individuals without smartphones.
Mr. Worawut emphasized the persistent uncertainty surrounding the project, highlighting challenges related to budgeting, grantee numbers, funding methods, and technological risks. A significant setback occurred when the technology firm responsible for the central payment system withdrew, and limitations in Blockchain technology further complicated matters, resulting in slow transactions.
Furthermore, the Ministry of Finance has yet to clarify the integration of digital wallets with the banking system or provide testing progress updates, leaving the public uninformed. Mr. Worawut criticized the project’s eligibility criteria, which restrict small shops from cashing out due to tax system requirements, thereby hindering grassroots economic stimulation.
With Phase 3 targeting teenagers aged 16-20, involving over 2 million individuals and a budget of 20 billion baht, and the impending Phase 4, Mr. Worawut called for a reevaluation of the initiative. He urged the government to reconsider the policy, warning that the substantial budget for the forthcoming phases might not yield the desired economic benefits. Instead, he advocated for sustainable economic solutions that genuinely address the needs of the populace, steering away from populist measures that fail to tackle structural issues.
