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Bank of Thailand predicts instant economic boost with new digital handout plans
Bank of Thailand foresees positive local economic impact from Pheu Thai Party's $285 digital handout scheme, with 3% GDP growth in the $14.1 billion project.
Bank of Thailand foresees positive local economic impact from Pheu Thai Party's $285 digital handout scheme, with 3% GDP growth in the $14.1 billion project.
Srettha Thavisin, Thailand’s newly elected Web3-oriented prime minister, brings deep digital currency ties, promising initiatives, and funds to boost adoption and spark economic growth.
Thailand's Ministry of Digital Economy and Society aims to ban Facebook due to digital currency scams highlighting signs of fake investment schemes—over 200,000 victims and millions in losses prompt legal action.
The new rules include a requirement for digital currency exchanges and brokers in Thailand to include warnings on the danger of investing in digital currencies to customers.
Bank of Thailand expects the total number of participants to reach around the 10,000 mark while viewing the CBDC project as a “pilot to learn” instead of a pilot launch.
Binance undergoes "re-evaluation" of its workforce, cutting down about one-fifth of its total manpower who are either underperforming or might not be "the right cultural fit."
Pheu Thai will give each citizen above 16 years old $300 in digital tokens to spend in their neighborhood to spark economic recovery amid soaring public debt.
The SEC is seeking public comments on its planned removal of the investment limits. A clause in the announcement warned that investors will be exposed to increased risks following the lifting of the investment limits.
The public consultation is expected to run for a month and end on April 7, 2023, and the public can submit their suggestions to the commission via its website or official email address.
Thailand has become a digital asset hub, and in order to promote this growth, the government will waive VAT and corporation taxes for firms issuing investment tokens.
Under the latest regulations, VASPs are mandated to create a digital wallet management system, a framework for securing wallet keys, and develop a contingency plan in case of a system anomaly.
Assistant Gov. Tharith Panpiemras revealed that virtual banks would be regulated in the same manner as traditional financial institutions, including additional safeguards for investors’ protection.