Thailand to Release 5 Billion Baht in Government Digital Tokens
Thailand's Ministry of Finance plans to issue 5 billion baht (approximately $150 million) in a new digital investment token called the G-Token within two months. This initiative aims to raise public funds and follows cabinet approval as part of the national budget borrowing strategy.
Key details include:
- The issuance is intended to "test the market."
- Former Prime Minister Thaksin Shinawatra suggested exploring stablecoins backed by government bonds earlier this year.
- Investors can participate with small amounts of cash and potentially earn higher returns than current bank deposit rates, which range from 1.25% to 1.5% against a central bank policy rate of 1.75%.
- Thailand has implemented tax exemptions for crypto earnings and added stablecoins like USDC and USDT to its approved trading list.