Trading crypto for votes: Thailand's opposition party promises $300 in digital assets to citizens
|- Thailand's opposition party Pheu Thai Party announced 10,000 baht for citizens above 16 years should they win the election next month.
- The party stated its intention is to spread the use of blockchain-based assets and attract international digital currencies.
- The Securities and Exchange Commission (SEC) of Thailand recently issued new regulations for crypto service providers in a bid to avoid an FTX-like event.
While many countries are pushing the use of digital assets by establishing policies for service providers and investors, Thailand decided to take a different route. The opposition party of the country is looking to promote the use of crypto by handing it out to citizens in exchange for votes.
Thailand government opposition's blatant manipulation
In an effort to win the upcoming election on May 14, the key opposition party to the Thailand government – the Pheu Thai Party – announced a new offer. The head of the party, during an event on April 5, stated that should the party win the next general election, each citizen aged 16 and above would be handed out 10,000 baht, which equals nearly $300.
However, the party sidestepped the accusations of potentially manipulating the voters by stating that the money would be limited to spending only on local economic stimulus projects.
The use of the $300 for gambling and repaying debt is prohibited and must be spent within the four-kilometer radius of the user's ID card.
The party's chief adviser on public participation and innovation, Paetongtarn Shinawatra, called this policy an attempt to draw the attention of international currencies to the kingdom.
At the same time, Pheu Thai Party plans on distributing products made in Thailand abroad using blockchain technology.
While many cheered receiving the free money, many other citizens recognized the attempt at swaying the election calling the move disgusting.
The announcement came two months after the Thailand Security and Exchange Commission (SEC) issued new regulations for crypto custody service providers.
The service providers have been asked to establish a digital wallet management system to ensure efficient custody. Additionally, the regulatory body has made it mandatory for such custodians to have a contingency plan in case an FTX-like event takes place.
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