Government Project Offers 10,000 Baht in Digital Currency to New Participants: Identity Verification Required
In a bid to promote participation in government projects, individuals who have never before taken part are being offered the chance to receive 10,000 baht in digital currency. However, to avail of this opportunity, verification of identity is mandatory, according to the Treasury.
The issue of funding for this initiative continues to generate debate. The idea of distributing the 10,000 baht digital currency to both individuals who have previously participated in government projects and those who have not raises questions regarding the need for identity verification in the new system.
Recently, Mr. Chulaphan Amornvivat, Deputy Minister of Finance and Chairman of the project’s steering sub-committee, shed light on the criteria for eligibility. To receive the 10,000 baht digital currency or digital wallet, individuals are not required to register. Identity verification will solely be for the purpose of receiving entitlements, in adherence to the laws set forth by the Bank of Thailand (BoT).
The eligible participants have been divided into two groups. The first group consists of over 40 million individuals who have previously participated in government programs; they are exempt from confirming their identity again and can begin spending the digital currency through the project. The second group, comprising 10 million people who have never engaged in a government project and are under 18 years of age, must verify their identity through the KYC (Know Your Customer) process, facilitated by a government-affiliated financial institution. This process involves the use of the national identity card and follows the government’s specified mechanism.
The KYC, or Know Your Customer, process entails financial institutions or digital asset service providers verifying the identity of their users. This verification is conducted utilizing government documents that contain personal information such as name, address, and date of birth. It is in compliance with the Anti-Money Laundering Act of 1999, which mandates financial institutions to implement KYC procedures during the account opening process.
Similar to past government projects, the verification of identity in the KYC process for the distribution of 10,000 baht digital currency requires individuals to download the Paotang app, take a photo of their ID card, enter their ID card number and phone number, and submit a photo and facial scan to confirm their identity. However, the distribution of digital money through the blockchain system will be facilitated by the Super App, a newly developed application by the state bank, rather than Paotang’s request.
Merchants are scheduled to register and receive the 10,000 baht digital currency in November, as previously announced. Eligible users, on the other hand, are given a one-month timeframe to verify their identity, ensuring they can commence spending no later than the first quarter of 2024.
The conditions initially set for spending the 10,000 baht digital currency within a 4-kilometer radius have been canceled. Instead, options to enable spending in sub-regions, districts, provinces, and other areas are currently being considered.
In cases where bedridden patients or elderly individuals cannot physically verify their identity, the sub-committee has collectively addressed this concern.
People who have never participated in a government project Want to get 10,000 baht in digital currency? What do you have to do? Treasury answers. Verify your identity.
It remains a contentious issue in terms of funding.Giving away 10,000 baht of digital currency that people who had previously participated in government projects with people who have never participated in the project Will I still need to verify my identity in the new system?
Most recently, Mr. Chulaphan Amornvivat, Deputy Minister of Finance As chairman of the project’s steering sub-committee10,000 baht digital currency Please mention the criteria for participating in the project.10,000 baht digital currency Receive rights to the project10,000 baht digital currency or digital wallet There is no registration at all. Identity verification will only be to receive entitlements, which is in accordance with Bank of Thailand (BoT) laws.
It has also clearly divided the groups of people who will receive rights into 2 groups: people who have previously participated in government programs, more than 40 million people, do not need to confirm their new identity. Can start spending through the project10,000 baht digital currencyYes, the other 10 million people are a group of people who have never participated in a government project before and are under the age of 18. They must confirm their identity in the KYC (Know Your Customer) process through a financial institution the government. and use the national identity card through the government’s specified mechanism
For KYC or Know Your Customer, it is the process of financial institutions or digital asset service providers verifying the identity of service users By using government documents that publish personal information such as name-surname, address, date of birth, etc. in accordance with the Anti-Money Laundering Act 1999, which requires financial institutions to use KYC procedures When an account is opened for a user of the service
Verifying your identity in the KYC process is similar. Confirming your identity in the Paotang app is similar to past government projects, which is to download the app, take a photo of your ID card, enter your ID card number and phone number. Including taking a photo and scanning your face to confirm your identity, etc. But the digital money distribution of 10,000 baht will be used to distribute money in the blockchain system through the Super App, a new application that gets was developed by the state bank. Not Paotang’s request
As for the schedule for the registration of 10,000 baht digital currency for merchants, it will be done first in November, as previously given in an interview. As for users who are entitled to 10,000 baht of digital currency, they have set a schedule for verifying their identity for a month. Ready to start spending no later than the first quarter of 2024.
The conditions for spending 10,000 baht of digital currency, originally set within a radius of 4 kilometers, have been canceled and are being considered to allow spending in sub-regions, districts, and provinces, etc.
In the case of a group of bedridden patients Elderly people who cannot travel to verify their identity The sub-committee again finds a common conclusion
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