By Norah ODonnell
On May 14, Thailand will be hosting its 2023 general election that will lead to the formation of the 26 House of Representatives. The race to outshine other candidates has inspired political parties to develop unique campaign strategies.
A report captured by the Bangkok Post on April 7 revealed that the Thai Peu political party plans to reimburse digital assets worth $300 to every citizen aged 16 years and above after winning the election. The offer provided by the opposition party aims to win many voters’ support in the upcoming election.
Use of Crypto in Political Campaigns
Speaking at a campaign on April 5, the head of the opposition party revealed that the Pheu Thai had nominated three candidates for the Prime Minister seat. Reportedly, the Pheu Thai team has appointed Srettha Thavisin, Chaikasem Nitisiri, and Paetongtarn Shinawatra for the prime minister post.
The appointment of the three candidates was accompanied by a well-drafted report capturing their manifesto, which will be presented to the electorate commission. In the manifesto document, the Pheu Thai team plans to give citizens 10000 baht amounting to $300, if they emerge winners in the upcoming election.
The Thai Peu projected that the project would cost 50 billion and above since over 70 million Thai citizens are above the age of 16 years. A subsequent report from Srettha Thavisin one of Prime Minister post candidate revealed that the Pheu Thai team plans to leverage blockchain technology to address the economic challenges in Thailand.
According to the Thai electorate commission, the May 14 election will have 500 seats for suitable candidates who will be in charge of the House of Representatives. Even though the 25 House of Representative was dissolved the Thai constitution still allows some leaders to hold their position for a specific time.
As such, the outgoing Prime Minister Prayut Chan-o-cha who is also a member of the United Thai Nation Party (UTNP), can extend the contract agreement for a maximum of 2 years.
Review of Crypto Adoption in Thailand
Besides crypto being used for political campaigns, the Asian country has invested heavily in developing central bank digital currency (CBDC). In August, the central bank of Thailand extended the CBDC trials since they have plans to engage the private sector in formulating policies and developing a unique design.
However, in collaboration with other financial watchdogs, the central bank has adopted stringent measures to protect the consumer from exploitative business practices. A few weeks ago, the Thai Securities and Exchange Commission banned the provision of some of the crypto staking and lending activities in the quest to minimize the risk associated to losses.
Also, in 2021, the regulators warned investors from issuing stablecoins pegged to the Thai baht due to uncertainty in crypto market. The Thai politicians’ unique campaign method mirrors the strategy Andrew Yang adopted when he was vying for the US presidential seat.
Reporting at a political event hosted in the Bahamas in 2021, Yang proposed that each US citizen to receive a stipend of $1000 monthly as a universal basic income (UBI).