Jump to
Main Blog Hype Thai’s new prime minister airdrops $300 to citizens

Thai’s new prime minister airdrops $300 to citizens

Pic 1

On August 22, Thailand's parliament elected a new Prime Minister, Srettha Thavisin. He is famous for his high-profile election promise about airdrops and ties to the crypto community. We have collected the most interesting facts about him in one article.

Pic 2

 

Srettha Thavisin’s promise

In April of this year, Srettha Thavisin promised to give away 10,000 baht (≈$300) to every citizen over the age of 16 if he won the election. The initiative is projected to cost nearly $14.5 billion. However, apart from the age conditions, the airdrop has a few more important parameters:

💸 The funds will be available on January 1, 2024, with a usage period of 6 months.

🏘 The funds can only be spent within a radius of 4 kilometres from the recipient's home.

🤔 The funds will not be issued in crypto or digital currency; instead, it will be facilitated through a "national token", details of which are not yet disclosed.

The last aspect of the initiative has raised questions and misunderstandings. In an interview with CoinDesk, Udomsak Rakwongwan, co-founder of FWX.finance, a decentralised derivatives platform, expressed his doubts. He said that using blockchain technology is good, but "the majority of Thais are already using Paotang, a digital banking wallet tailored for government initiatives. This may be simpler and easier to implement compared to a potentially more complex blockchain".
 

Insights into the new Thai Prime Minister

Srettha Thavisin is known as the former president and CEO of Sansiri, one of the largest property developers in Thailand. In 2021, his company acquired a 15% stake in XSpring, a Thailand's digital asset services provider. XSpring, along with Krungthai Bank, provides crypto brokerage services and operates as a licensed ICO portal.

In 2022, Sansiri launched its SiriHub token on XSpring, which is realised by one of Sansiri's companies, Sansiri Campus. Token holders receive dividends from the company as part of the agreement. 

However, in April, 2023, Srettha Thavisin stepped down from his position as CEO of Sansiri due to political turmoil.

Whether his promises are a marketing gimmick or Thailand is to become a crypto hub, we will find out within a few years.
 

Also read:

South Korean officials seize crypto for taxes

Singapore to regulate stablecoins

Kuwait implements ban on crypto

Asia’s crypto hubs implement new laws

Maria Kachura
Maria Kachura

Visit her on Facebook or hit her up via Email.

0
Share this post
Similar articles
Best investment options for 2023
Markets
16 February, 2023
Best investment options for 2023
Let’s explore all the pros and cons of currencies, cryptocurrencies, stocks, real estate, and precious metals.
The difference between coin and token: understanding crypto assets
Learn
24 April, 2024
The difference between coin and token: understanding crypto assets
Discover the key differences between coins and tokens in the cryptocurrency ecosystem. Learn about their features, roles, and examples in this comprehensive guide.
NFT NYC 2022!🌐🦄
Events
20 June, 2022
NFT NYC 2022!🌐🦄
NFT NYC 2022.
AIBC Americas 2022
Events
8 June, 2022
AIBC Americas 2022
AIBC Americas 2022.
ETH NEW YORK 2022 🌐🦄
Events
24 June, 2022
ETH NEW YORK 2022 🌐🦄
ETH NEW YORK 2022.
Top 5 NFT games in 2024: the future of blockchain gaming
Learn
19 June, 2024
Top 5 NFT games in 2024: the future of blockchain gaming
In this guide, the itez team has gathered the freshest and most exciting information about the Play-to-Earn (P2E) segment and NFT games.