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The Thai Ministry of Finance will issue a digital investment Token worth $150 million.
On May 14, according to CoinDesk, the Thai Ministry of Finance announced that it would issue a digital investment token "G-Token" worth 5 billion baht (about $150 million), aiming to raise funds from the public. Finance Minister Pichai Chunhavajira said at a briefing on Tuesday that this is part of the government's budget borrowing program and that the initial issuance is mainly used to "test the market".
This token will allow investors to participate in investments with small amounts of funds and provide a return rate higher than bank deposits. Currently, the 12-month deposit rate in Thailand is between 1.25% and 1.5%, lower than the central bank's policy rate of 1.75%.
This move is another step for Thailand to expand the application of cryptocurrency. Last year, Thailand implemented tax exemptions on cryptocurrency gains, and its Securities and Exchange Commission has recently included the USDC and USDT stablecoins in the list of cryptocurrencies approved for trading on digital exchanges.