Thailand is launching its own cryptocurrency, and now its Securities and Exchange Commission (SEC) is claiming that it’s not intended for speculative investment, unlike Bitcoin.
According to reports, the new G-Token, expected to be launched by the Ministry of Finance’s Public Debt Management Office (PDMO), will be tradeable on a secondary market, but will initially be only accessible to those with a particular digital wallet.
One of the nation’s top ministers told media that the new G-Token “is not a debt instrument” and therefore does not fall under “traditional public debt laws”.
Exchanges will be required to imply strict surveillance and arbitrage, while also being allowed to appoint market experts to promote the coin.
This is Thailand’s first publicly-issued government-backed digital token.
The SEC Secretary noted that the move aims to further government interests, rather than speculative investment. “We want to ensure that G-Token serves as a useful, technology-driven investment innovation,” cites the Bangkok Post.
The cryptocurrency will not be allowed for direct payments, while trading is restricted to listed exchanges, with certain restrictions on transfers.
