Thailand is planning to launch a national airdrop that will distribute 10,000 baht ($285) worth of digital tokens to every citizen aged 16 and older. The ruling Pheu Thai party is working with the Bank of Thailand to develop a “utility type 1” token for the airdrop, which is expected to take at least six months to roll out. The solution will be blockchain-based and will require users to complete a Know Your Customer (KYC) process, with a 100 baht fee charged per user. The initiative will also need approval from the country’s Securities and Exchange Commission. The funding for the airdrop will come from tax collection in the 2024 fiscal year, with a total budget estimate of 560 billion baht ($16 billion). However, the tokens can only be spent within four kilometers of the user’s residence, are valid for six months, and cannot be converted into cash or used to settle debts.
Srettha Thavisin, a real estate developer and crypto investor, was recently elected as Thailand’s prime minister. During his campaign, Thavisin promised to give each person a 10,000 baht basic income stimulus via digital currency if elected into power. In 2021, Thavisin’s firm, Sansiri, purchased a 15% stake in Thai asset tokenization provider X Spring for 1.6 billion baht ($45.7 million). The Thailand Development and Research Institute stated that the funding for the Thavisin Airdrop will come from tax collection in the 2024 fiscal year. The total budget estimate for the project is 560 billion baht ($16 billion). However, the airdrop will not be equivalent to fiat baht funds, and users can only spend the digitized tokens within four kilometers of their residence. The tokens will only be valid for a period of six months and cannot be converted into cash or used to settle debts. Thavisin’s government is expected to assume office by the end of September.
In other news, troubled South Korean Bitcoin lender Delio announced that it expects a recovery rate of just 50% to 70% on its assets. The company, which holds over $1.2 billion in Bitcoin and Ether, suspended deposits and withdrawals on June 14 after disclosing significant counterparty exposure to fellow South Korean Bitcoin lender Haru Invest, which is currently in bankruptcy proceedings. Delio is currently under investigation for allegations of fraud, embezzlement, and breach of trust. The platform previously announced that it would resume withdrawals, but no updates on the timeline have been given.
Vietnam is currently leading the world in crypto adoption, with up to 19% of its population between the ages of 18 and 64 using digital assets. The country is home to around 200 blockchain projects and is expected to generate $109.4 million in revenue from crypto exchanges this year. The number of Vietnamese crypto users is forecast to grow to 12.37 million by 2027. The majority of Vietnamese crypto users invest in digital assets based on advice from friends, and nearly 70% of respondents believe that the crypto bear market will last less than one year or has already ended. While centralized exchanges are considered to offer as much utility as decentralized ones by half of the respondents, 90% of crypto owners still use decentralized exchanges.
Binance Japan has announced plans to list 100 coins and tokens “as soon as possible.” The exchange currently provides spot trading of cryptocurrencies and staking “Simple Earn” programs in Japan. The use of margin trading is not available unless the exchange obtains a regulatory license. Binance’s parent exchange has surpassed 150 million in user count, with an average daily trading volume of $65 billion.
Lastly, officials from the City of Shenzhen in China have pledged to distribute 15 million digital yuan ($2.1 million) in municipal airdrops over the next three years. The digital yuan, China’s central bank digital currency (CBDC), has been hailed as a highly efficient method for consumer transaction receipts. The CBDC has surpassed $123 billion in cumulative transactions since 2021, with test sites running in 17 provinces and 26 districts as the Chinese government aims to stimulate the country’s ailing economy in the face of a looming recession.
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