Monday, May 20, 2024

Blockchain App to be Developed for Digital Wallet Scheme

The Thai government plans to give a 10,000 baht stipend through a digital wallet to streamline public services and boost the economy. This initiative also aims to keep the funds in circulation for longer.

Government Plans to Provide 10,000 Baht Stipend via Digital Wallet

The Thai government is set to launch a digital wallet initiative that aims to streamline public services and boost the country’s economy. Through this new program, eligible individuals will receive a 10,000 baht stipend. The Ministry of Finance has instructed the Government Financial Institutions Association to develop a blockchain-based system for the digital wallet application. This all-in-one platform will enable users to access various state-sponsored services, including healthcare, driving license information, and welfare programs.

Inclusion of Both Tax-Registered and Non-Tax-Registered Shops

Deputy Minister of Finance, Julapun Amornvivat, has confirmed that both tax-registered and non-tax-registered shops will be able to participate in the digital wallet program. Tax-registered entities will have the option to transfer money electronically, while street vendors and floating markets that are not registered for Value Added Tax will have the opportunity to use their digital money to purchase raw materials from tax-registered shops. This provision ensures that funds generated from these non-tax-registered sources are still kept within the economic system.

Ensuring Ongoing Economic Circulation

The Thai government aims to ensure continuous economic circulation even after the initial six-month period. Discussions are currently underway to find a comprehensive resolution that addresses all concerns. By enhancing service efficiency and encouraging economic activity across sectors, this project seeks to stimulate the country’s economy in the long run.

Source: National News Bureau of Thailand

Source : Blockchain App to be Developed for Digital Wallet Scheme

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