Thailand airdrops billions of yuan worth of virtual currency Web3.0 gradually becomes a slogan for politicians in various countries.

Thailand airdrops billions of yuan worth of virtual currency as Web3.0 becomes a political slogan worldwide.

Recently, Srettha Thavisin, a supporter of the cryptocurrency industry in Thailand, was elected as the prime minister. He promised to distribute digital assets worth 2,000 yuan to citizens over the age of 16. This plan will cost more than 100 billion yuan and is currently being implemented.

In addition to Thailand, politicians in the United States and South Korea have also made election promises regarding cryptocurrencies. The increasing connection between elections and Web3.0 is whether it is political showmanship or a trend. The younger generation who uses cryptocurrencies may be the key.

Nationwide Airdrop of Trillions of Virtual Coins

On August 31, the Thai Pheu Thai Party announced that it will use “utility tokens” in the upcoming digital wallet program to stimulate the national economy.

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Previously, Srettha Thavisin, a real estate developer who supports the cryptocurrency industry, was elected as the prime minister of Thailand and also served as the Minister of Finance. During the campaign, he promised to airdrop digital assets worth 10,000 Thai baht (about 2,000 yuan) to all Thai citizens over the age of 16.

Srettha Thavisin was previously the CEO of real estate developer Sansiri, which has been actively involved in the country’s digital asset field. According to reports, Sansiri acquired a 15% stake in XSpring, a Thai digital asset service provider, in 2021. XSpring operates a cryptocurrency brokerage in cooperation with Thai commercial bank TISCO Bank and operates a licensed ICO gateway website.

According to regulations, the tokens distributed by Thailand must be used for local businesses within 6 months and cannot be exchanged for cash or used to repay debts. They cannot be traded on digital asset exchanges. The plan is expected to be launched before April 2024, and the funds are expected to come from tax revenues in the 2024 fiscal year, as well as tax increases from economic expansion and borrowing.

Industry analysts believe that the policy of distributing virtual currencies to the entire population in Thailand needs to be observed. It has a high implementation difficulty and cost. However, it is worth noting that this policy will widely promote the cryptocurrency industry in Thailand and may bring nearly 50 million new users to the cryptocurrency industry.

Currently, Thailand has a total population of 71.8 million, with over 55 million people over the age of 16. Based on this calculation, the total value of the distributed digital assets is approximately 560 billion Thai baht (116 billion yuan).

Pita Limjaroenrat, the leader of another Thai political party, the Forward Party, and a competitor for the prime minister, was also exposed to hold cryptocurrencies with a cumulative value of several thousand US dollars. During the election, Pita Limjaroenrat also proposed measures regarding cryptocurrencies. He stated that he would integrate blockchain into government affairs to improve transparency.

Thailand has always attached importance to the development of the cryptocurrency industry.

In January of this year, the Thai Securities and Exchange Commission issued regulations on the supervision of digital asset wallets, requiring digital asset business operators providing custody services to establish digital wallet management systems to accommodate efficient custody of digital assets and keys and ensure the safety of customer assets.

In March, the Thai Securities and Exchange Commission held a public hearing to consider lifting the retail investment limit of 300,000 Thai baht (about 62,000 yuan) for initial coin offerings (ICOs) in order to stimulate investment in digital tokens.

According to a report released by analysis company Chainalysis in 2022, Thailand ranks eighth in the global cryptocurrency adoption index.

Many politicians favor Web3.0, and young voters may be the key

With the breaking of barriers in the cryptocurrency industry, Web3.0 has become an important part of many politicians’ election promises.

In late July of this year, Robert Kennedy, a candidate for the Democratic Party’s presidential nomination, stated that if he wins the presidential election, he will exempt capital gains tax on Bitcoin and support the US dollar with hard assets such as Bitcoin. In a conference in May, he announced that he would accept Bitcoin campaign donations and praised cryptocurrencies as “symbols of democracy and freedom,” condemning Biden’s proposed 30% Bitcoin mining tax.

On August 4th, the mayor of Miami, Francis Suarez, also announced that he would accept Bitcoin campaign donations and had previously announced his candidacy for the next US president. During his tenure as mayor of Miami, Francis Suarez has been committed to turning Miami into a cryptocurrency hub, attracting widespread attention.

A cryptocurrency practitioner who previously worked in the United States told Techub News that when American politicians make Web3.0 promises during elections, there may be some political showmanship involved, but on the other hand, it also indicates that Web3.0 is becoming mainstream and politicians hope to gain support from cryptocurrency users, while also effectively promoting the cryptocurrency industry.

Recently, Grayscale released a report titled “Bitcoin, the Cryptocurrency Industry, and the 2024 US Presidential Election,” stating that millennial and Generation Z voters may ultimately determine the outcome of the “Bitcoin election” because they are increasingly concerned about their financial situation. In the 2024 US presidential election, it is expected that young people will account for the largest proportion of voters in history, with millennials and Generation Z making up 44% of the US electorate.

The current President of South Korea, Yoon Suk-yeol, also made promises related to Web3.0 during the election.

In a meeting in January of this year, conservative candidate Yoon Suk-yeol stated that “unrealistic and unreasonable” regulations must be thoroughly reformed in order to unleash the unlimited potential of the virtual asset market. He promised to lift regulation on the cryptocurrency industry and proposed raising the capital gains tax threshold for cryptocurrencies to 52.4 million Korean won (about 280,000 yuan).

Yoon Suk-yeol’s competitor, Democratic Party candidate Lee Jae-myung, is also a supporter of the cryptocurrency industry. He has promised to institutionalize virtual assets, prepare a framework for the listing of cryptocurrencies, and establish a more transparent information system.

It is worth mentioning that both Yoon Suk-yeol and Lee Jae-myung have issued NFTs for presidential campaign fundraising.

Industry analysts say that both candidates are actually vying for the support of young voters. The adoption rate of cryptocurrency in South Korea is very high, with about 40% of young people using cryptocurrency.

According to a survey in South Korea, out of 10 Koreans aged 20 to 30, 4 of them own cryptocurrency. The total trading volume of cryptocurrency in the country exceeds that of the KOSPI stock exchange.

Puerto Rican President Nayib Bukele is known for his support of Bitcoin. He controversially legalized Bitcoin as the country’s legal tender. A survey report released by TResearch in February of this year showed that about 94% of the Salvadoran people intend to vote to re-elect Nayib Bukele.

Web3.0 has become one of the important directions in the development of cutting-edge technology worldwide. Currently, Singapore, Hong Kong (China), and Japan have all announced their embrace of Web3.0.

Since October last year, Hong Kong has actively promoted the development of the Web3.0 ecosystem. Hong Kong Chief Executive Carrie Lam and Financial Secretary Paul Chan have become active promoters of Web3.0.

On August 27th, Hong Kong Financial Secretary Paul Chan announced a funding of HKD 50 million this year to Cyberport to accelerate the establishment of a vibrant Web3.0 ecosystem. So far, it has brought together more than 180 companies related to Web3.0 technologies, including unicorns and licensed virtual asset trading platforms.

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