Thailand's controversial $21 billion digital cash handout scheme finally gets moving
https://www.abc.net.au/news/2024-08-01/ ... /104169206
Thailand has begun rolling out a controversial $21 billion digital cash handout scheme that has been criticised as costly, unsustainable, and detrimental to the country's already struggling economy.
Under the plan, 50 million eligible Thai citizens will each receive a 10,000 baht ($420) digital payment to spend on local businesses.
The government has marketed the scheme as an "economic tornado" that will stimulate the economy, reduce the cost of living, and lay the foundations for a digital economy.
The "digital wallet" program was originally promised in the May 2023 election and has already faced delays as the government sought ways to finance it.
While registration for the scheme opens on Thursday, the subsidy is expected to be rolled out later this year.
more BS at the link.............................
The 10K baht election handout farce
Re: Major Economic Issues For Thailand
May you be in heaven half an hour before the devil know`s you`re dead!
The 10K baht election handout farce
Article lost credibility to me when the author thought 10,000฿ exchanged as $420. Maybe he'd like to sell me some $ 
Championship Plymouth Argyle 1 - 2 Leeds Utd 
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Re: The 10K baht election handout farce
It is $420 in Aussie dollars.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: The 10K baht election handout farce
Oops 
Championship Plymouth Argyle 1 - 2 Leeds Utd
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Re: The 10K baht election handout farce
In that case, nothing really new. 3 of my immediate family will still not technically qualify because their voting district is over 300 miles away. They will most likely register, but spending it in the true spirit of the scheme will pose a problem.
Championship Plymouth Argyle 1 - 2 Leeds Utd
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Re: The 10K baht election handout farce
I've just read it again, and see that 'low income' is back as a criterion.
[Edit] Is this still current?
NB: 70,000฿/month is not what I'd class as low income in Thailand.
How is 'low income' defined currently please?Applicants must be at least 16 years old, have no criminal record and qualify as low-income.
[Edit] Is this still current?
Championship Plymouth Argyle 1 - 2 Leeds Utd
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Re: The 10K baht election handout farce
I have no idea how they will check this without snooping into everybody's bank accounts (back to the CBDC big brother/surveillance concerns). A lot of work/income in Thailand is cash in hand.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: The 10K baht election handout farce
I suppose that TIT is still up and running?
Most Thais seem to live by this principle!"Every government must create debt.
May you be in heaven half an hour before the devil know`s you`re dead!
Re: The 10K baht election handout farce
What a surprise ... the app crashed.
B10,000 handout registrations overload system
The Thai government’s flagship 10,000-baht handout stimulus suffered an early setback on Thursday when millions rushed to sign up on the opening day and overloaded the registration system.
By mid-afternoon, 10.5 million people had applied to join the scheme va the Thang Rath app, which the government developed to help people access dozens of public services, said Deputy Finance Minister Julapun Amornvivat.
However, millions more could not access the registration portal, with many complaining they did not receive text message passcodes to complete the process.
https://www.bangkokpost.com/thailand/ge ... oad-system
B10,000 handout registrations overload system
The Thai government’s flagship 10,000-baht handout stimulus suffered an early setback on Thursday when millions rushed to sign up on the opening day and overloaded the registration system.
By mid-afternoon, 10.5 million people had applied to join the scheme va the Thang Rath app, which the government developed to help people access dozens of public services, said Deputy Finance Minister Julapun Amornvivat.
However, millions more could not access the registration portal, with many complaining they did not receive text message passcodes to complete the process.
https://www.bangkokpost.com/thailand/ge ... oad-system
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: The 10K baht election handout farce
My wife has just registered, so the system seems to be back online.
Championship Plymouth Argyle 1 - 2 Leeds Utd
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Re: The 10K baht election handout farce
They also said this about the covid app and others that "couldn't be exploited" but were. Thailand and software security doesn't have a great track record!
Authorities insist Thang Rath app is secure
The Ministry of Digital Economy and Society (DES) insists that personal data registered via the government-developed Thang Rath application — the portal for the 10,000-baht digital wallet handout — cannot be leaked, as it was developed with high-security protection against cyberattacks.
Minister Prasert Chantararuangthong was responding to rumours that the app did not meet the Personal Data Protection Commission (PDPC) standards and that as a result, user data might be at risk of being leaked.
Mr Prasert said the ministry and the National Cyber Security Agency (NCSA) have established guidelines to ensure cybersecurity for the project at all stages, from design to personal data protection, and they will be met.
Measures include thorough reviews of system development, testing, and continuous monitoring of cyber threats.
State agencies will monitor the dissemination of information on the internet and counter scams and deceitful information, including fake websites, fraudulent apps, and fake Facebook pages.
https://www.bangkokpost.com/thailand/ge ... -is-secure
Authorities insist Thang Rath app is secure
The Ministry of Digital Economy and Society (DES) insists that personal data registered via the government-developed Thang Rath application — the portal for the 10,000-baht digital wallet handout — cannot be leaked, as it was developed with high-security protection against cyberattacks.
Minister Prasert Chantararuangthong was responding to rumours that the app did not meet the Personal Data Protection Commission (PDPC) standards and that as a result, user data might be at risk of being leaked.
Mr Prasert said the ministry and the National Cyber Security Agency (NCSA) have established guidelines to ensure cybersecurity for the project at all stages, from design to personal data protection, and they will be met.
Measures include thorough reviews of system development, testing, and continuous monitoring of cyber threats.
State agencies will monitor the dissemination of information on the internet and counter scams and deceitful information, including fake websites, fraudulent apps, and fake Facebook pages.
https://www.bangkokpost.com/thailand/ge ... -is-secure
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: The 10K baht election handout farce
More alarm bells about CBDCs ... and Big Brother banks controlling what, where, when, and how much you can spend.
Thailand may tell us a great deal about the future of money
An intriguing window into the future of money and how central bank digital currencies (CBDCs) might be used has opened up in Thailand. This future holds promise but has many hazards as well. Countries barrelling towards it, and especially their citizens, should give it careful thought.
Fulfilling an election promise, the Thai government has initiated a programme to distribute money to low-income households through digital wallets. About 50mn Thais who fall below certain income and savings thresholds will get about $280 each, roughly half of monthly per capita income. This will temporarily boost household consumption and GDP but at a significant fiscal cost and without doing much to tackle deep-rooted problems, including low investment which is holding back growth.
The Bank of Thailand, the Thai central bank, has conducted pilot tests for a digital baht but has not formally rolled out the CBDC. Still, digital wallets to store money and use it for transactions are widely prevalent in Thailand. Adding a CBDC as a payment option is straightforward.
The Bank of Thailand and other central banks experimenting with CBDCs assert that it would coexist with physical currency. But the convenience of digital payments, and the costs and hassles to consumers and businesses of handling paper money and coins, foretell the demise of cash as a means of payment.
The Thai transfer programme already has some features of a CBDC. It is well targeted, with the funds channelled to poorer individuals who would benefit more and are likely to spend the money rather than save it. The funds go directly to individuals, reducing the inevitable corruption when money is channelled through public agencies.
The funds have to be spent within six months, an excellent way to stimulate consumption and limit “leakage” into savings, which would not immediately boost economic activity. The funds can only be spent at authorised small shops within the local area of a recipient.
A CBDC offers similar possibilities, including targeting government transfers, and more. In addition to expiry dates, consumption can be stimulated by exposing CBDC balances to negative interest rates that discourage saving. Such negative interest rates, easy to administer with computer code that shrinks balances at a pre-announced rate, are unlikely to work in an economy with cash. After all, cash offers a zero interest rate, which certainly beats a negative interest rate.
...
These limitations seem entirely defensible but also show how easily digital money can be subverted for social engineering purposes. The Thai government has decided that only worthy individuals can benefit from the programme, must spend the funds in specific areas and cannot purchase products deemed undesirable. It is not hard to envision a future in which CBDC usage is restricted to “good” citizens and “acceptable” expenditures, as deemed by the government.
The digital funds cannot in principle be exchanged for cash or other types of money. But one can well imagine secondary markets where people who do not want to spend the money before the expiry date can trade it, probably at a discount, for money with a longer shelf life. Despite the government’s wishes, a recipient of the funds who really wants a smoke might buy approved goods and trade them for cigarettes.
Similarly, CBDCs enable multiple types of monetary units with different characteristics, ostensibly a great way to implement carefully targeted and socially optimal policies. But this could destroy confidence in the integrity of central bank money, which, for all its flaws, at least has a clear and fixed nominal value.
What is worse, central banks, as purveyors of CBDCs with such features, will be viewed as agents of the government when it comes to surveillance and the execution of a broad range of economic and social policies rather than just monetary policy.
The looming reality of a world of CBDCs holds much promise. But it could dent confidence in central banks and central bank money, which would be a huge price to pay. The Thai experiment will teach us a lot about what the future holds and serves as a warning about how technology might push us towards a dystopian world.
https://www.ft.com/content/9194ca11-778 ... fea18d0c9d
Thailand may tell us a great deal about the future of money
An intriguing window into the future of money and how central bank digital currencies (CBDCs) might be used has opened up in Thailand. This future holds promise but has many hazards as well. Countries barrelling towards it, and especially their citizens, should give it careful thought.
Fulfilling an election promise, the Thai government has initiated a programme to distribute money to low-income households through digital wallets. About 50mn Thais who fall below certain income and savings thresholds will get about $280 each, roughly half of monthly per capita income. This will temporarily boost household consumption and GDP but at a significant fiscal cost and without doing much to tackle deep-rooted problems, including low investment which is holding back growth.
The Bank of Thailand, the Thai central bank, has conducted pilot tests for a digital baht but has not formally rolled out the CBDC. Still, digital wallets to store money and use it for transactions are widely prevalent in Thailand. Adding a CBDC as a payment option is straightforward.
The Bank of Thailand and other central banks experimenting with CBDCs assert that it would coexist with physical currency. But the convenience of digital payments, and the costs and hassles to consumers and businesses of handling paper money and coins, foretell the demise of cash as a means of payment.
The Thai transfer programme already has some features of a CBDC. It is well targeted, with the funds channelled to poorer individuals who would benefit more and are likely to spend the money rather than save it. The funds go directly to individuals, reducing the inevitable corruption when money is channelled through public agencies.
The funds have to be spent within six months, an excellent way to stimulate consumption and limit “leakage” into savings, which would not immediately boost economic activity. The funds can only be spent at authorised small shops within the local area of a recipient.
A CBDC offers similar possibilities, including targeting government transfers, and more. In addition to expiry dates, consumption can be stimulated by exposing CBDC balances to negative interest rates that discourage saving. Such negative interest rates, easy to administer with computer code that shrinks balances at a pre-announced rate, are unlikely to work in an economy with cash. After all, cash offers a zero interest rate, which certainly beats a negative interest rate.
...
These limitations seem entirely defensible but also show how easily digital money can be subverted for social engineering purposes. The Thai government has decided that only worthy individuals can benefit from the programme, must spend the funds in specific areas and cannot purchase products deemed undesirable. It is not hard to envision a future in which CBDC usage is restricted to “good” citizens and “acceptable” expenditures, as deemed by the government.
The digital funds cannot in principle be exchanged for cash or other types of money. But one can well imagine secondary markets where people who do not want to spend the money before the expiry date can trade it, probably at a discount, for money with a longer shelf life. Despite the government’s wishes, a recipient of the funds who really wants a smoke might buy approved goods and trade them for cigarettes.
Similarly, CBDCs enable multiple types of monetary units with different characteristics, ostensibly a great way to implement carefully targeted and socially optimal policies. But this could destroy confidence in the integrity of central bank money, which, for all its flaws, at least has a clear and fixed nominal value.
What is worse, central banks, as purveyors of CBDCs with such features, will be viewed as agents of the government when it comes to surveillance and the execution of a broad range of economic and social policies rather than just monetary policy.
The looming reality of a world of CBDCs holds much promise. But it could dent confidence in central banks and central bank money, which would be a huge price to pay. The Thai experiment will teach us a lot about what the future holds and serves as a warning about how technology might push us towards a dystopian world.
https://www.ft.com/content/9194ca11-778 ... fea18d0c9d
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: The 10K baht election handout farce
As has the daughter who qualifies per the guidelines. She got a message that everyone has to wait until Sept 22, and then check if they've been accepted.
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
Re: The 10K baht election handout farce
There's a report on another forum about a woman who registered on the app and received a traffic ticket.
Unfortunately no details and no first hand source of the report.
Possibly worth remembering that the app is not only for the 10K but is meant to be a government portal for multiple functions.
Unfortunately no details and no first hand source of the report.
Possibly worth remembering that the app is not only for the 10K but is meant to be a government portal for multiple functions.
Re: The 10K baht election handout farce
That's unlucky but on the positive side, paying traffic fines isn't on the list of things that you can't use the 10,000 bt for!There's a report on another forum about a woman who registered on the app and received a traffic ticket.