The Thai Ministry of Finance is set to issue 5 billion baht ($ 150 million) of its digital investment token -G -OKenn, for two months, to raise funds from the public, financial minister Pichai Chunhavajira said in a briefing Tuesday.
This story is Originally reported by Bloomberg.
The announcement came after the cabinet endorsed the new token initiative and a part of the current budget borrowing plan. The initial 5 billion Baht was meant to “try the market,” Chunhavajira added.
The decision complies with former prime minister of the country Thaksin Shinawatra request for the country to consider the release of stablecoins supported by government bonds, Earlier this year.
“Investors can invest a little cash for new tokens,” Chunhavajira said in briefing. “Investors get a higher return than banks deposits.”
Thai banks currently offer 12-month deposit interest rates between 1.25% and 1.5% below the country’s central bank, the policy rate of 1.75% according to Bloomberg.
Thailand strives to expand the crypto approach. Last year the country placed a tax exception for Crypto income And the security commission and its exchange recently added stablecoins USDC and USDT to its list Cryptocurrencies approved for trading in digital exchanges.
CoinDesk reached for a comment.
