Thailand plans to offer a investment-grade crypto token to the public: Bloomberg

Thailand finance minister said the country plans to issue a "digital investment token" in the next two months, Bloomberg reported on Tuesday.

"Thailand’s Finance Ministry plans to issue 5 billion baht (about $150 million) worth of a new digital investment token within two months, Finance Minister Pichai Chunhavajira said at a Tuesday briefing after the initiative was endorsed by the cabinet," the report said .

About $150 million worth of the token, called G-Token, will be offered. The token is meant to provide investors with the chance to earn a higher return than they would on bank deposits, the finance minster said, according to Bloomberg. The token will be "used to raise funds from the public under the current budget borrowing plan" but won't be a debt instrument, the report also said.

The move to issue a crypto to the public comes after Thaksin Shinawatra, father of Prime Minister Paetongtarn Shinawatra, said earlier this year that Thailand should consider "issuing stablecoins backed by government bonds," the report added.

Thailand's move to issue a government-sanctioned cryptocurrency also comes amid a broader global shift of both nations and traditional financial firms embracing blockchain and digital asset-based investment vehicles. Government officials in other Asian countries like Malaysia and Japan have also demonstrated an increased willingness to engage with digital asset innovation.

Bloomberg reported in January that Thailand was considering allowing Bitcoin ETFs to list on local exchanges.