Thailand’s Treasury Ministry is set to issue a digital investment token of 5 billion baht ($150 million) — G-Token said at a briefing on Tuesday to raise funds from civil servants.
This story was originally reported by Bloomberg.
The announcement comes after the Cabinet approved the new token initiative and is part of the current budget borrowing plan. The first 5 billion baht is intended to “test the market,” Chunhavajira added.
The decision follows the request of former Prime Minister of the country, Thaksin Sinawatra, to consider issuing a stability committee supported by government bonds earlier this year.
“Investors can invest in small amounts of cash for new tokens,” Chunhavajira said in a briefing. “Investors get a higher return than bank deposits.”
Thai banks now offer 12-month deposit rates, 1.25% to 1.5%, according to Bloomberg., the country’s central bank offers a 12-month deposit rate, 1.75%, than the policy rate of 1.75%.
Thailand has made progress in expanding its crypto approach. Last year, the country introduced tax exemptions for crypto revenues and its Securities and Exchange Commission. Recently, we have added Stablecoins USDC and USDT to our list of approved cryptocurrencies for trading in digital exchanges.
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