Ahead Of The Election, Thai PM Candidates Promise To Share Crypto Worth IDR 4 Million If Elected

Candidates for the Prime Minister of Thailand will distribute crypto airdrops. (Photo; Doc. Coindoo)

JAKARTA - A candidate for Thai Prime Minister named Sretta Thavisin offers a crypto airdrop program worth US$300 or around 10,000 Baht Thailand (equivalent to Rp4.3 million) for each citizen if his party, Pheu Thai, wins the upcoming general election in May 2023.

For additional information, airdrop is a crypto or digital currency distribution program to a group of people or certain account holders for free. In the crypto industry, airdrop programs are usually carried out as marketing strategies for cryptocurrency projects.

Thavisin, formerly known as a property entrepreneur, pledged to provide basic income-style economic stimulus packages through "digital currencies" to provide assistance to Thais who are experiencing difficulties with high levels of household debt in the region.

"Our country has suffered economic losses over the past eight years, with less income and higher spending on the people. The current government only provides small and inappropriate assistance and does not stimulate appropriate and appropriate economic growth," Thavisin said as quoted by Cryptopolitan.

However, Thavisin has not disclosed what digital currency will be used for the airdrop. Meanwhile, Thailand's Central Bank, Bank of Thailand, declared Thailand's stablecoin Baht illegal in 2021, raising questions about the legality of the proposed airdrop.

In addition, the minister at the prime minister's office, Thanakorn Wangboonkongchana, expressed concern that the airdrop proposal could have major implications for the country's financial system.

Recent poll results suggest that the election is likely to be tight, with Pheu Thai reporting obtaining about 46 percent of the vote in the latest survey.

The use of cryptocurrencies and blockchain technology in politics is increasingly common, as seen in the South Korean general election in 2022, where crypto deregulation is the main policy proposal for Conservative Party candidate Yoon Suk-Yeol, who now serves as President.

However, some critics expressed doubts about the effectiveness of the airport in alleviating poverty in the country and considered that the funds would be better used for other more productive purposes.

The Bangkok Post reported a minister at the prime minister's office, Thanakorn Wangboonkongchana, saying: "The proposed airdrop will have major implications for the entire country's financial system."

However, the country's local media have also questioned whether the use of funds for the airdrop is the best use of funds. According to their opinion, the funds will be more useful if allocated to alleviate poverty.

Launching Inside Bitcoin, the May 2023 general election and previous intense campaigns will not be the first in Asia to use crypto as a campaign strategy. In March 2022, South Korea's general election also used crypto as a campaign strategy.

Conservative Party candidate Yoon Suk-Yeol, who has finally become current president, puts crypto deregulation in his campaign manifesto. The election proved to be very tight, with each side presenting a very strong legislative proposal that provides benefits compared to other competitors. Finally, Yoon Suk-Yeol won the position with a margin of less than 1 percent.

In addition, in 2021, Nayib Bukele, who currently serves as president of El Salvador, will carry out a similar strategy. Bukele distributed 30 US dollars worth of Bitcoin airdrops (equivalent to IDR 447 thousand) to El Salvadorans.