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Monday, June 17, 2024

Government Pushes Forward with 10,000 Baht Stipend Initiative via Digital Wallet

In a significant move aimed at streamlining public services and boosting economic circulation, the government is pressing ahead with its initiative to provide a 10,000 baht stipend through a digital wallet system.

Under the direction of the Ministry of Finance, the Government Financial Institutions Association has been tasked with developing a cutting-edge blockchain-based system for the digital wallet application. This application is set to serve as a comprehensive one-stop platform, offering access to a range of state-sponsored services, including critical information on driving licenses, the 30-baht universal healthcare service, and state welfare assistance.

Deputy Minister of Finance, Julapun Amornvivat, has shed light on the registration process for businesses looking to participate in this transformative program. Both tax-registered and non-tax-registered establishments are eligible to take part. However, the Ministry of Interior will play a crucial role in the screening process for non-tax-registered businesses.

It is essential to note that the Ministry of Finance has underscored that digital money transfers will be exclusively available to tax-registered entities. Street vendors and businesses operating in floating markets that fall outside the purview of the tax system will not have the option to directly exchange digital money for Thai Baht. Instead, they will be able to utilize it for purchasing raw materials from tax-registered establishments, thereby contributing to the continuous flow of money within the economic system.

Moreover, Deputy Minister Julapun has emphasized that the government remains committed to ensuring that the stipend funds continue to circulate, even after the initial six-month period. Negotiations are ongoing to arrive at a comprehensive resolution on all aspects of this groundbreaking initiative.

In the words of the Deputy Finance Minister, this project is driven by the overarching goal of enhancing service efficiency and invigorating economic activity across various sectors.

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