Thai government considers utility tokens to boost digital wallet initiative

The Pheu Thai-led government is anticipated to roll out utility tokens to bolster its digital wallet initiative, a move pending approval from the Bank of Thailand as the regulator currently bans using tokens as payment, according to Asia Plus Securities (ASPS). The financial services company projects that the government will issue Type 1 utility tokens, each valued at 10,000 baht, to Thai citizens aged 16 years and older, potentially requiring a budget of 560 billion baht.

Discussions are ongoing with the Finance Ministry and the Securities and Exchange Commission regarding the issuance of these tokens and the identification of funding sources, as per the brokerage.

The ASPS noted in a research document that the government is expected to issue the tokens for consumer purposes, and utility tokens cannot be traded on digital asset exchanges.

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