Blockchain technology in Thailand may soon see a boost under new Prime Minister Srettha Thavisin, who campaigned to donate 10,000 baht ($300) to every Thai citizen aged 16 and over via digital wallets.
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- Srettha, a former businessman, had said that if he won the election, the digital wallet payout would be on January 1, 2024. The initiative would cost about 500 billion baht ($14.3 billion).
- According to a Bangkok Post report, the digital money, which is valid for six months, can be spent within a four-kilometer radius of the recipient’s home and is accessible with ID cards.
- Thailand’s new leader is also the founder of real estate company Sansiri, which has acquired a 15% stake in XSpring Capital, a local provider of digital asset services.
- Sansiri also launched the SiriHub token on XSpring, marking Thailand’s first initial coin offering of real estate-backed tokens.
- Thailand has actively regulated the cryptocurrency industry, with the country’s Securities and Exchange Commission announcing rules banning crypto firms from offering custodial services that bring returns to depositors and lenders, covering both crypto lending and deployment.
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