The Thailand Ministry of Finance will issue 5 billion Baht ($ 150 million) of its digital investment token: the G -Token, in two months, to raise funds from the public, said finance minister, Pichai Chunhavajira, in an informative session on Tuesday.
Bloomberg originally reported this story.
The announcement occurred after the cabinet supported the new Token initiative and is part of the current budget loan plan. The initial 5 billion baht are destined to “try the market,” Chunhavajira added.
The decision follows the request of the former Prime Minister of the country Thaksin Shinawatra so that the Nation considers to issue Stablecoins backed by government bonds, earlier this year.
“Investors can invest with a small amount of cash for new tokens,” Chunhavajira said in the informative session. “Investors will obtain greater returns than the deposits of the banks.”
Banks in Thailand currently offer deposit interest rates of 12 months between 1.25% and 1.5% below the Central Bank of the Nation, a 1.75% policy rate according to Bloomberg.
Thailand has been moving forward to expand its cryptographic approach. Last year, the Nation established a tax exemption for cryptography profits and its stock exchange and securities commission recently added USDC and USDT to its cryptocurrency list approved for trade in digital exchanges.
Coendesk contacted a comment.
