Thailand's government to issue savings bonds to the public via blockchain

Layer 1s • June 16, 2020, 9:20AM EDT

Thailand’s public debt management office (PDMO), part of the country’s finance ministry, is set to issue savings bonds to the general public via blockchain.

Local media outlet The Nation Thailand reported the news on Tuesday, saying that PDMO is issuing bonds of 200 million baht (~$6.5 million) with a face value of 1 baht (~$0.030).

Blockchain technology has enabled PDMO to set such a low price for bonds, which are usually priced at 1,000 baht (~$32) apiece. “This should enable more people at the grassroots level to buy the government’s saving bonds,” PDMO’s director-general Patricia Mongkhonvanit told The Nation.

PDMO will use state-owned Krung Thai Bank’s (KTB’s) blockchain platform and e-wallet to distribute bonds. Mongkhonvanit said the minimum purchase cap is 100 bonds per buyer.

The bank’s blockchain platform “will enable people and investors to buy the bonds without coming down to the banks’ branch offices or using ATM machines. All you will need are a KTB account and credit in your e-wallet,” she added.

The bank and the finance ministry are expected to announce further details about the bonds at a later date, per the report.

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