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An individual vying for the position of prime minister in Thailand has made a pledge to provide each citizen with 10,000 Thai Baht (equivalent to around $300) in digital currency if his political party successfully forms a government after the upcoming general election slated for May.

According to The Bangkok Post, Srettha Thavisin, a former real estate tycoon who is now running as a candidate for the Pheu Thai party, has vowed to introduce an economic stimulus package in the form of a basic-income program using "digital currency" if his party emerges victorious in the upcoming election.

Thavisin explains that the measure will offer economic respite to Thais who are burdened with one of the highest levels of household debt in the region.

“Our country has been economically bruised over the last eight years, with less income and more expenses for the people,” Thavisin is quoted by Bloomberg as saying. “The current government has been feeding IV drips with small money handouts. That’s not the right way and doesn’t stimulate the appropriate and right economic growth.”

At the moment, there has been no response from a Phue Thai representative regarding the tokens that will be utilized for the airdrop, despite a request made through Twitter.

In 2021, the Bank of Thailand, which serves as the nation's central bank, issued a declaration stating that stablecoins backed by the Thai baht are not legal.

The proposed airdrop has been described by Thanakorn Wangboonkongchana, a minister in the prime minister's office, as having "major implications" for Thailand's entire financial system, as reported by the Bangkok Post.

The Bangkok Post quotes some individuals who have expressed doubts about the proposed airdrop and have questioned whether it would be a wise allocation of funds, suggesting that the resources could be better directed towards efforts to alleviate poverty.

Recent polls indicate that the upcoming election is likely to be a closely contested one. According to Reuters, Pheu Thai has received approximately 46% of the vote in recent polls.

Crypto's prominent role in elections is not limited to the current one in Asia.

In the March 2022 election in South Korea, which was one of the most closely contested in the country's history, the Conservative Party candidate Yoon Suk-Yeol, who is now the President, included crypto deregulation on his list of legislative proposals to gain an edge over his opponent. Eventually, he won the election by a margin of less than 1%.

Source Coindesk