Thailand Readies Tokenized Bond Offering
Bangkok - The Thailand Bond Market Association has announced that it will be issuing a cryptocurrency to make bond trading more efficient. Tada Phutthitada, the president of the association, stated that blockchain will be used first to register the issuance of bonds. The system will be launched as soon as the Thai Securities and Exchange Commission approves it. This will cut the time down from 15 days to 3 days on settled bond transactions.
The second stage will be issuing and trading cryptos that are backed by bonds as assets. While a digitized security is not a new concept, Thailand represents that largest country making this officially available. The Thai central bank announced in May that it planned to issue a government-sponsored cryptocurrency, which would be recognized by both major banks and retailers.