Thai Party Promises Crypto Giveaway If They Win Elections

Reading Time: < 1 minute

The Pheu Thai Party of Thailand’s opposition leader Sretta Tavizin has promised to give every citizen over 16 years of age an amount of digital assets if the party wins elections in May.

According to the Bangkok Post and Bloomberg, the party intends to allocate about 500 billion baht (about $15 billion) for the initiative, with each eligible resident receiving 10,000 baht (around $300).

Although it is unclear in which cryptocurrency the “state airdrop” will be distributed, Tavizin believes this initiative will provide economic support to local citizens, who have faced a decrease in income and an increase in expenses in recent years.

Interestingly, from April 1, 2022, businesses in Thailand were recommended to stop accepting payments in cryptocurrencies, yet the government also canceled VAT on digital asset transfers until the end of 2023, as long as the transaction is made through a licensed crypto exchange.