"Chunlapan" reveals draft bill to borrow 5 billion baht for digital wallets The decree has not yet been entered. Currently asking for opinions
16 Nov 66 Mr. Chulaphan Amornvivat, Deputy Minister of Finance revealed that At present, the Ministry of Finance is in the process of drafting the Act. Borrow 5 billion baht for the project Digital wallet 10,000 baht Currently, it is in the process of requesting preliminary opinions from the Council of State Office. And when completed, the decree will be proposed according to the legal procedures for submission to the Cabinet (Cabinet), which is expected to be brought to the Cabinet. You can get it within 66.
“The draft law has not yet been seen or submitted for sure. It is in the process of requesting opinions, which when the draft is complete, it will be submitted to the Royal Decree according to the legal procedures for submission to the Cabinet. It is expected to be entered in 66. We believe that the Act The 5 billion baht loan will definitely pass.”
This Issuance of the 5 billion baht loan act for use in the digital wallet project Government borrowing comes from raising capital through the issuance of bonds. The Public Debt Management Office (Public Debt Management Office) will handle the issuance of government bonds to support further borrowing. However, this does not mean that the government will immediately incur debt by borrowing money only when people go to cash out the money. The government will have incentives for people to hold digital money for as long as possible.
“If the Loan Act is passed It will use a borrowing mechanism through the issuance of bonds. It is believed that there is sufficient liquidity at this time. There will be no borrowing to pile up. But it is to stimulate the economy by allowing 1 baht to circulate in the economy first. Cryptocurrency will still be around for another 3 years from when people first used it. The loan process will only occur from people cashing out. We will first create an incentive mechanism for the money to circulate in the system. When the economy grows, public debt to GDP decreases immediately and the debt burden later is not severe. It is expected that it should not exceed the current frame.”
However, previously the idea was to use a binding budget but could not proceed because if the limit of 5 billion baht was inserted into the national budget. and will have a high debt burden As for the issuance of the Royal Decree It is a matter where the executive branch uses its power to enact laws and then asks for approval. which may be criticized for not being transparent Therefore, a 5 billion baht loan bill was issued, which must go through the process of hearing opinions from the Parliament and the Senate. If anyone wants to check or submit an interpretation, they are ready to explain.
“Someone said that they chose this path to make it impossible. We don't have any thoughts like this in our heads. We have a responsibility to move forward with the project. The questions we receive from the government are our duty to succeed. Regarding the legal framework, many people commented that it was not possible, but it was fortunate that he did not have the power to make a decision. If he had the power, he would not have been able to do so. But I understand that from a legal point of view, we look at each other from different angles. We have a duty to do so. Must move forward to the council, move forward to the decree process. The Constitutional Court must go already. We have a duty to explain and understand. As for what the results will be, we have to wait and see. We are confident that we can walk.”
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