Thai Finance Ministry to Offer ‘Affordable’ Saving Bonds Via Blockchain Through State-Owned Bank
- The Thai Finance Ministry through the PDMO is set to issue Saving Bonds to the masses by leveraging Blockchain technology from the Krung Thai Bank.
- The Bt200 Million initiative will be offered at a flat rate of Bt1 while restricting minimums to 100 units per buyer.
News has now emerged that the Thai Government is leveraging Blockchain tech to offer saving bonds to its residents. This has been announced by the Public Debt Management Office (PDMO), an arm of the Thai Finance ministry.
The PDMO Director General, Patricia Mongkhonvanit revealed that Bt200 million around ($6.5 Million) in government bonds had been set aside to be offered at a flat rate of Bt1. They will however restrict the sales to a minimum of 100 units per buyer.
This will be facilitated by Krung Thai Bank (KTB) Blockchain supported electronic wallet. This will increase the convenience as the buyers won’t be forced to go to the branch offices or ATMs but rather at the comfort of their phone provided their e-wallet is loaded. This has also attributed to the trimming of the bond prices significantly as they initially were issued at Bt1000.
This according to PDMO DG, will be more appealing prompting the grassroots populous to join take up acquiring the government bonds. She remarked at how the ‘Eat, Shop, Spend’ initiative had popularized the e-wallet concept in Thai when citizens received government subsidies via the Pao Tang app.
“This should enable more people at the grassroots level to buy the government’s saving bonds”
The Finance Ministry and KTB have promised to disclose more information regarding the savings bonds on a later date.
Notably last year November, the Thai Excise Department was collaborating with the KTB to develop a blockchain-based tax refund system. This system would be extended to Oil exporters in a bid to streamline the oil exportation industry by easing the tax payments inspection process. Once the exporters get ahold of the required documents they could be in line to receive tax exemptions.