The Ministry of Finance of Thailand is expected to issue 5 billion baht ($ 150 million) from its digital investment token – the G -TOKEN, to collect public funds, said finance minister Pichai Chunhavajira, in a briefing on Tuesday.
This story was initially reported by Bloomberg.
The announcement came after the firm approved the initiative of the new token and is part of the current budget loan plan. The 5 billion initial bahts are intended to “test the market,” added Chunhavajira.
This decision follows the request of the former Prime Minister of the country Thaksin Shinawatra so that the nation plans to issue stablecoins supported by state obligations, earlier this year.
“Investors can invest with a small amount of money for new tokens,” said Chunhavajira during the briefing. “Investors will earn higher yields than bank deposits.”
Banks in Thailand currently offer 12 -month deposit interest rates between 1.25% and 1.5% lower than the country’s central bank, the policy rate of 1.75% according to Bloomberg.
Thailand has made progress to expand its cryptographic approach. Last year, the nation set up a tax exemption for the profits of cryptography and its commission of securities and exchange recently added stablescoins USDC and USDT to its list of cryptocurrencies approved for digital exchanges.
Coindesk contacted a comment.
