Thailand’s Ministry of Finance plans to raise $6.4 with the sale of blockchain-based bonds.

The Public Debt Management Office (PDMO) of Thailand's Ministry of Finance plans to sell 200 million baht ($6.42 million) in savings bonds using a blockchain-based e-wallet.

In a statement released on its website Tuesday, the finance ministry of Thailand said the bonds carry an extremely low face value of 1 baht ($0.032) each and would be sold through the state-owned Krung Thai Bank’s blockchain wallet. According to the Bangkok Post report, using blockchain technology allowed the debt office to reduce the face value of the bonds. The PDMO is issuing bonds of 200 million baht ($6.5 million) with a face value of 1 baht ($0.030).

 

“This should enable more people at the grassroots level to buy the government’s saving bonds.”

PDMO’s director-general Patricia Mongkhonvanit told the local news outlet that this should enable more people to buy the government’s saving bonds at the grassroots level. The department will use the state-owned Krung Thai Bank’s blockchain platform and e-wallet to distribute bonds. Mongkhonvanit revealed that the minimum purchase cap is 100 bonds per buyer. She further added that the bank’s blockchain platform that people and investors will be able to buy the bonds without coming down to the banks’ branch offices or using ATMs.

 

Blockchain technology continues to get global recognition. 

The statement from the Finance Ministry also noted that the 200 million baht bond issue was a pilot project to further financial inclusion by making it more accessible for people to subscribe to government-issued bonds. As reported earlier, a survey revealed that Chinese companies are still bullish on the blockchain technology amid the global pandemic. Blockchain technology is currently being utilized in many sectors across the world. The technology initially intended to underpin cryptocurrency has surfaced as a crucial technology that is being used in several sectors.

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here