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Thailand to Issue Public Savings Bonds by Blockchain

public saving bonds

The Public Debt Management Office (PDMO) of Thailand has decided to issue its next batch of savings bonds to the public by blockchain.

On Tuesday, June 16, The Nation Thailand reported that Thailand will be issuing up to 200 million baht (about $6.5 million) savings bonds to the public. Each bond will be offered at 1 baht (about $0.03).

Although it is priced cheaply, Patricia Mongkhonvanit, the Director-General of PDMO, placed a 100-unit minimum block requirement. Also, buyers cannot buy single units. They will need to buy the bonds in blocks (100 units per block).

To make the purchase more efficient and the bonds more accessible, PDMO turned to one of Thailand’s oldest banks, Krung Thai Bank (KTB). KTB will distribute the bonds via its blockchain platform which can be accessed by mobile phones.

Mongkhonvanit explained that using blockchain technology made it possible for the government to offer bonds at such low prices. Originally, each unit costs 1000 baht (about $32). This move will “enable more people at the grassroots level to buy the government’s saving bonds,” she said.

Prior to adopting this strategy, the finance ministry tested the use of blockchain by offering government subsidies in an ‘Eat, Shop, and Spend’ campaign via a mobile app called Pao Tang. The campaign was successful.

Back in November, the Thai government made moves to amend regulations, to better support the sector.

Image Credits: Pixabay

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