10,000-baht digital wallet

Chatrudee Theparat

The committee’s 10,000-baht digital wallet scheme set up for its implementation.

According to deputy finance minister Julapun Amornvivat, yesterday the cabinet approved Prime Minister Srettha Thavisin to chair a committee to implement the 10,000-baht digital wallet scheme. The committee’s first meeting will be launched this week. Its duty is to set a mechanism to implement, monitor and make conclusion of the scheme when it ends.

The government will apply the suggestion of the Bank of Thailand to implement the 10,000-baht digital wallet scheme.

Mr. Srettha said the government talked to the Bank of Thailand’s governor Sethaput Suthiwartnarueput on the guideline of fiscal and monetary plan in mid-term and long term on the launch of the 10,000-baht digital wallet scheme. The impact on local and global economies from the scheme like credit rating, investors, and the general public was also under discussion.

“The government and the finance ministry will take into account the suggestion of the BOT’s governor while implementing the scheme.”

He is confident that Thailand’s fiscal and monetary health remains strong enough to implement the scheme. He said that Thailand’s fiscal stability is quite strong with a proportion of foreign reserve to value of import products account ten times which higher than global standard that can guarantee that Thai economy can grow sturdily.

The 10,000-baht digital wallet scheme will create multiplier effect around US$16 billion which is projected to boost Thai economy to grow by 5% next year. The money will be handed over to people by using blockchain technology via state banks while the technology will be a foundation to deepen blockchain technology in long term.

In addition, he said the government will boost the economy both export and domestic economy from tourism industry.