digital money
- Business News
Taxing times: Thailand cashes in on digital currency revolution
Finance Minister Pichai Chunhavajira has committed to comprehensive tax reform aimed at enhancing Thailand’s competitiveness and promoting the use of digital currency by the end of the year. During a seminar organised by the Marketing Association of Thailand, Pichai explained that the ministry’s strategy involves fostering business partnerships through incentives and attractive measures. He emphasised the necessity of revising the…
- Lifestyle
Don’t carry cash in Thailand
Are you planning a trip to Thailand? With the many temples, beaches, and other attractions Thailand offers, you will definitely have a memorable experience. However, before your trip, there is an important factor that you should consider other than your passport/visa issues and that’s money. Recent modifications in policies have established that a sufficient amount of cash must be on…
- Thailand News
Thailand restricts 10,000-baht handout use for phones, electronics
Recipients of the government’s 10,000-baht handout will be restricted from using the digital cash to purchase mobile phones, electrical appliances, or electronic devices. This decision was announced by officials yesterday. A government sub-committee, led by Deputy Finance Minister Julapun Amornvivat, placed these items on a negative list to ensure the funds are spent at small shops rather than large department…
- Business News
Bitcoin plunges 20% following launch of US Bitcoin ETFs
Bitcoin, the world’s leading digital currency, has seen a sharp decline of nearly 20% since January 11. This follows the launch of the inaugural Exchange-Traded Funds (ETFs) that invest directly in Bitcoin. The downturn has been attributed to increased caution among investors regarding the potential effects of these new financial products. On the day of the ETFs’ launch, Bitcoin soared…
- Thailand News
Thailand’s PM to reside in Government House, Children’s Day
The Prime Minister of Thailand disclosed plans to start residing at the Government House on January 24, dashing the hopes of many who anticipated the traditional Children’s Day festivities. This year’s event will notably lack the dinosaur exhibits that have captured the imaginations of children in the past. Prime Minister Srettha Thavisin has yet to reveal what will take their…
- Thailand News
KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
- Business News
Potential slump for Thai stock market due to digital wallet scheme delay
The Thai stock market is facing a potential slump this month, following a 6.1% drop in October and a 17.2% decline year-to-date, due to potential delays to a significant digital wallet scheme and a slower-than-anticipated recovery in the tourism sector. Such concerns are sparking significant investor anxiety, according to industry analysts. Sompong Benjathepanan, the assistant managing director at AIRA Securities,…
- Thailand News
PM Srettha forms team to clarify digital wallet scheme amidst confusion
Prime Minister Srettha Thavisin agreed to establish a dedicated team to effectively communicate details about the government’s flagship digital wallet scheme. This move yesterday, October 31, comes in response to a wave of suggestions from various sources, aiming to avoid any public confusion regarding the scheme. PM Srettha acknowledged the circulation of differing information about the wallet scheme. He urged…
- Thailand News
Thailand persists with 10,000-baht digital money giveaway to reboot economy
The Thailand government is standing firm on its decision to proceed with the 10,000-baht digital money giveaway, despite various calls for its reconsideration. The government maintains that while the specifics of the project can be tweaked, the fundamental principle of using it as a tool to reboot the economy remains steadfast. According to Deputy Prime Minister Phumtham Wechayachai, the Thai…
- Thailand News
Thai PM backs deputy amid criticism over 10,000-baht digital wallet plan
Thai Prime Minister Srettha Thavisin stood firm against criticisms levelled at his deputy, Julapun Amornvivat, concerning his capacity to chair the governmental sub-committee responsible for the roll-out of the 10,000-baht digital wallet handout initiative. Responding to requests for a more equipped individual to hold the chairmanship, PM Srettha stated unequivocally in a message on platform X (formerly Twitter), that he “won’t…
- Thailand News
NACC probes Thai government’s 10,000-baht digital handout amid corruption fears
The National Anti-Corruption Commission (NACC) initiated an in-depth study into the Thai government’s policy for a 10,000-baht digital currency handout. This step comes as the agency intensifies its examination of the key policies of the ruling Pheu Thai Party. According to a source within the NACC, the decision was made following a suggestion from the agency’s corruption monitoring and appraisal…
- Thailand News
Thailand refines 10,000-baht digital handout eligibility amid wealth exclusion fears
Prime Minister Srettha Thavisin announced that the government is developing criteria to determine eligibility for a 10,000-baht digital money handout amid speculation that affluent individuals might be exempted from the scheme. The prime minister, also serving as finance minister, stated that the government is refining the scheme following recommendations from diverse sectors. “I am listening to opinions. There will be…
- Economy News
Thai ‘super app’ set to launch with 10,000-baht digital wallet scheme
The completion of a multi-purpose mobile application, or super app, is on track for early next year, coinciding with the launch of the 10,000-baht digital wallet initiative, as announced by Deputy Finance Minister Julapun Amornvivat. The mobile app is designed as a comprehensive solution, with developers assuring its readiness for the digital wallet scheme’s rollout, expected between February and March…
- Thailand News
Public concern over 10,000 baht digital wallet policy, NIDA poll reveals
The National Institute of Development Administration (NIDA), has revealed public concern that the government’s policy of distributing 10,000 baht in digital wallets may not be beneficial for the country. The survey suggests that the policy should be adjusted to match current circumstances. Between October 9 to October 11, the survey was conducted among individuals aged 18 and above, spread across…
- Thailand News
Thai government denies plans to slash digital wallet initiative budget, aimed at boosting economy
The Thai government has refuted rumours of cutting funds for the digital wallet initiative from 560 billion baht (US$ 15,426,997,600) to 400 billion baht (US$ 11,019,284,000), stating that the project is not just for the underprivileged but aimed at stimulating the economy more broadly. The government is keen on weeding out the wealthy from benefiting from the scheme, which is…
- Thailand News
Thai government defends 10,000-baht digital wallet scheme amid economic criticism
Economic experts’ criticism of the 10,000-baht digital wallet scheme was rebuffed yesterday by its supporters, who asserted that the cash handout would alleviate disparity and provide a crucial financial boost to the disadvantaged. Jutipong Phummul headed the faction, which handed a plea to the government, encouraging the implementation of the digital wallet initiative. Presented in Parliament as an economic strategy…
- Business News
Thailand’s digital wallet project: Green light to make cash splash
The government of Thailand has given the green light for the formation of a committee for its ambitious digital money handout scheme, otherwise known as the digital wallet project. Slated for launch in February, the initiative aims to stimulate the economy by providing each Thai citizen above the age of 16 with 10,000 baht (US$269) in digital money. The project, requiring…
- Thailand News
Digital wallet initiative and anti-corruption boosted by Thai deputy PM
Yesterday, Deputy Prime Minister and Interior Minister, Anutin Charnvirakul, hosted a meeting with the governors of the country’s provinces. The discussion revolved around the ministry’s key objectives, including loyalty to the highest institution, the implementation of anti-corruption measures, and the support for Pheu Thai’s 10,000 baht digital wallet initiative. The meeting took place at Centara Grand at Central Plaza Lat…
- Business News
Baht-ing for growth: Pheu Thai Party’s digital policy to boost Thai economy
The 10,000-baht digital currency policy handout by Pheu Thai is expected to inject an estimated 2 trillion baht into the country’s economy, according to Deputy Finance Minister Julapun Amornvivat. This initiative aims to contribute to a growth of at least 5% in the GDP by 2024. Julapun Amornvivat stated that the economy would get a boost from the widespread use…
- Economy News
Thailand’s DES minister vows to combat online scams, roll out digital wallet
The new Digital Economy and Society (DES) Minister Prasert stated that he is prioritising combating online fraud and call centre scams, as well as launching the much-discussed digital wallet plan. The ministry, aligned with Pheu Thai Party goals, plans a digital wallet scheme by 2024, starting next year, offering 10,000 baht to all Thai individuals aged 16 and above via…
- Business News
Central Retail partners with Ant Group to launch Alipay+ for Asian tourists in Thailand
For the convenience of Asian tourists from China, Hong Kong, Malaysia, and South Korea, Central Retail Corporation (CRC) has announced its partnership with Ant Group, introducing Alipay+ a comprehensive solution for international digital payments. This digital offering will enable travellers to use local digital wallets such as China’s Alipay, Hong Kong’s AlipayHK, Malaysia’s Touch ‘n Go eWallet and South Korea’s…
- Business News
Thailand banks team up for digital revolution: Collaboration to launch retail CBDC
The Bank of Thailand is collaborating with three payment service providers, Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co, to develop and launch its retail central bank digital currency (CBDC). The new financial infrastructure aims to enhance the convenience and efficiency of financial transactions while reducing costs. The testing of the retail CBDC is scheduled to…
- Thailand News
Ex-teacher charged over assault in Thai Constitution Association case
Don Mueang District Court ordered an investigation into a retired teacher‘s behaviour after he allegedly assaulted and defamed the secretary of the Thai Constitution Protection Organisation. A judgment is scheduled for 11 July The case involving Thotsaphol Thannonsophonkhun, a 67 year old retired teacher, is set to take a significant step forward. He has been accused by the Tung Song…
