The planned digital wallet program in Thailand, which was intended to pay out 10,000 baht ($274) to people over the age of 16, has been postponed, and critics are demanding that the country's electoral commission conduct an investigation.

The launch of a new digital wallet, originally scheduled for February 2024, has been postponed, according to Thailand's deputy finance minister Julapun Amornvivat, in order to give the system more time to be developed.

In an effort to boost the local economy, the Thai government plans to use the wallet to distribute 10,000 Baht to eligible citizens.

The government wants more time to ensure the security of the system underlying the digital grant wallet, according to a statement from Amornvivat, while re-assuring that its launch will still commence in the first quarter of 2024.

The subcommittee in charge of the program is still debating where to get the money for it, according to reports from the nation. The estimated cost for the digital wallet program of the Pheu Thai Party is 548 billion baht ($15 billion).

Amornvivat also suggested that tax revenue from increased economic activity would help fund a portion of the program's cost.

The government had previously predicted that the initiative would stimulate economic growth by 5% next year.

Rosana Tositrakul, a former Thai senator who has been an outspoken critic of the project, has since asked the election commission to look into the legality of the proposed idea.

As the nation's government considers utilizing its national budget to fund the digital handout, questions over a lack of funding and the potential of raising debt to pay for the initiative have led to Tositrakul questioning the legality of the program.

Sources:

https://cointelegraph.com/news/thailand-delays-digital-money-handout-critics-call-for-probe

https://www.bangkokpost.com/thailand/politics/2667464/digital-money-handout-to-be-delayed

https://www.bangkokpost.com/thailand/general/2669759/election-commission-asked-to-probe-digital-money-handout