The Thai government is considering the use of Utility Token Type 1 as a means of payment for its “digital wallet” scheme. However, since utility tokens are not recognized by the central bank as legal payment, certain restrictions in the Digital Assets Executive Decree will need to be amended. The government plans to consult the Bank of Thailand and the Securities and Exchange Commission (SEC) for guidance. The scheme aims to stimulate the national economy by distributing 10,000 baht in digital money to eligible Thai nationals, which is expected to put 1.68 trillion baht back into circulation. However, concerns over the source and management of funds have been raised.
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