At the start of August, Thailand opened the registration process for the 10,000 baht ($284) digital money giveaway that was part of an election pledge last year. This week the Senate approved a budget increase to fund the payments to less wealthy adults aged 16 or over. The uncertain legal status of the digital wallet payments, which aren’t legal tender, combined with restrictions on the digital cash usage, has attracted criticism from senators and economists. It highlights some of the debate around programmable money versus programmable payments.
Writing in the Bangkok Post, economist Chartchai Parasuk observed, “Perhaps, in the government’s mind, a DWT (digital wallet token) is almost on a par with genuine money — fiat money.”
He continued, “Wrong. Very wrong. A DWT is inferior money.”
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