NewsletterThailand To Issue $150M G-Tokens As Global Crypto Adoption Rises
Highlights
- Thailand plans to issue $150 million G-tokens to the public under the current budget borrowing plan.
- The country's finance minster stated that investors will earn more returns through the investment token than banks' deposits.
- Global crypto adoption is on the rise with Bhutan also partnering with Binance to launch a crypto payment system.
Thailand is making moves to embrace digital assets and further use them to help grow the country’s economy. The finance minister recently announced plans to issue $150 million Thailand G-tokens to raise funds from the public under the current economic plan. This comes as global crypto adoption continues to rise, with Bhutan and Dubai announcing moves to integrate crypto payments.
$150 Million Thailand G-Tokens To Be Issued To The Public
According to a Bloomberg report, Thailand’s Finance Ministry plans to issue about $150 million worth of the G-tokens within two months. The country plans to use this digital token to raise funds from the public under the current budget borrowing plan, although a government official noted that it isn’t a debt instrument.
As part of the promotion of the Thailand G-tokens, the country’s finance minister, Pichai Chunhavajira, stated that investors can invest a small amount of cash in the new tokens while earning higher returns than what they will get on bank deposits.
Pichai also stated that the investment token meets all of the Bank of Thailand’s conditions and that the $150 million tokens they plan to issue are just to test the market.
This development comes as global crypto adoption continues to rise. As CoinGape reported, Ireland’s presidential candidate and UFC champion Conor McGregor is also considering creating an Irish Strategic Bitcoin Reserve if he enters office.
Dubai also recently partnered with Crypto.com to enable crypto payments for government services. This forms part of the region’s plans to create a fully digital and cashless society.
Meanwhile, amid the announcement of the Thailand G-tokens, Bhutan has also partnered with Binance Pay to integrate crypto payments into the country’s tourism industry. The CEO of the top crypto exchange, Richard Teng, revealed during a CNBC interview that tourists will be able to use the cryptocurrencies enabled on Binance to pay for flights, hotels, shopping, and visas in the country.
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