This initiative will be implemented following infrastructure and regulatory reviews by the Ministry of Finance and the Bank of Thailand. In this new system, crypto payments made by tourists will be converted in the background, and local merchants will receive payments in Thai baht, often without realizing that cryptocurrencies were used.

Finance Minister and Deputy Prime Minister Pichai Chunhavajira, speaking at an investment seminar in Bangkok on May 26, stated that the system could increase foreign currency inflows and reduce volatility in the local currency.

Major Financial Law Reforms on the Horizon

Beyond crypto usage, the Thai government is working on a broader plan for financial reform. Minister Pichai emphasized the need to consolidate traditional capital markets and digital asset markets under a unified legal framework.

Currently regulated under separate laws, these two financial sectors will be brought into better alignment through upcoming legislative changes. Additionally, institutional investors such as life insurance firms and large funds, which are currently limited to government bonds, may gain flexibility to invest in private sector assets. This change could enable more capital flow into the real economy.

A Fairer and More Innovative Market

The reforms will also address market areas prone to manipulation, such as high-frequency trading. A new draft law aims to grant broader enforcement powers to the Thai Securities and Exchange Commission (SEC), including the ability to bring major cases directly to prosecutors.

Blockchain-Based “G-Token” Era for Government Bonds

Pichai reaffirmed his support for cryptocurrencies, stressing the importance of clear regulations that promote innovation while protecting financial stability. In this context, the newly introduced “G-Token” project will allow retail investors to invest in government bonds using blockchain technology and fractional units.

On May 13, the Ministry of Finance announced plans to issue $150 million worth of digital investment tokens, which will make government bonds more accessible to a wider base of investors.

Meanwhile, in February, a tokenized securities trading platform was proposed for institutional investors. In March, Tether’s USDt and Circle’s USDC were approved for trading on regulated exchanges across the country.

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Key Features of G-Token 

• Investment Token Nature: G-Token is not a cryptocurrency but an investment token traded on licensed digital asset exchanges. 
• Market Test Objective: The ministry designed the initial 5 billion baht issuance to test the market and gauge investor interest. 
• Easy Access: Retail investors can invest in government bonds with as little as 100 baht. 
• High Returns: The token offers returns surpassing the 1.25-1.5% interest rates of bank deposits. 
• Security and Liquidity: Backed by the government, G-Token complies with Bank of Thailand regulations, ensuring high security. It also provides liquidity through trading on digital exchanges. 

Advantages G-Token Offers to Investors 

G-Token provides an accessible option for individual investors, with a low entry point of 100 baht. Additionally, the tokens can be bought and sold on licensed digital exchanges, offering liquidity and flexibility. Government backing and Bank of Thailand regulations ensure high security. Supported by blockchain technology, G-Token strengthens Thailand’s digital finance vision. Moreover, tokenized government bonds allow small investors to participate with as little as $3. 

Thailand’s Crypto and Digital Finance Moves 

Thailand is gaining attention with its crypto-friendly policies. Last year, it introduced tax exemptions for crypto gains. The Securities and Exchange Commission added USDC and USDT stablecoins to the approved crypto list. In summary, these steps support Thailand’s goal of leading in the digital economy. The country previously relaxed regulations for digital assets and became the second Asian nation to approve a Bitcoin ETF. 

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As part of the Galxe ecosystem, Gravity employs zero-knowledge proof (zk-proof) systems and the latest consensus mechanisms. It is also compatible with the Ethereum Virtual Machine (EVM), allowing decentralized applications (dApps) built on Ethereum to easily utilize the Gravity blockchain.

In this article, we will answer questions such as “How does Gravity work?”, “What is G Token?”, “What is the supply of G Token?”, and “Where can you buy G Token?”.

The G Token Project

Considered one of the top Web3 coins, G Token is the native cryptocurrency of the Gravity blockchain. It serves as a utility token for both the Gravity blockchain and the Galxe ecosystem.

Transaction fees (gas fees) on the Gravity network are paid using G Token. It can also be staked to earn rewards through the network’s Proof-of-Stake (PoS) consensus mechanism.

G Token also functions as the cryptocurrency for the Galxe platform. As part of this, the previous GAL tokens of Galxe have been converted to G Tokens on a 1:1 basis. G Token inherits all functionalities previously held by GAL Token.

Founders of the Gravity Project

Gravity (G) was developed by Charles Wayn, Harry Zhang, and Xinlu C, the founders of Galxe.

G Token Statistics

The total supply of G Token is set at 12 billion.

How Does the Gravity Blockchain Work?

Gravity (G) uses a PoS consensus protocol designed to maximize the capacity of its high-performance, fast-settlement network. This protocol enables decentralized applications (dApps) on different blockchains to use Gravity as a consensus layer for their transactions.

One of the unique aspects of Gravity’s PoS consensus mechanism is its use of protocols like Babylon and EigenLayer, allowing G Tokens to be restaked.

What Makes the Gravity Project Unique?

Created by the Galxe project, Gravity aims to provide scalable, high-speed, truly efficient, and secure infrastructure for the Web3 ecosystem. What sets it apart from other smart contract-enabled platforms is its promise of cross-chain interoperability within a scalable framework and the ability to restake within its consensus mechanism. These features position Gravity among the top Layer-1 networks.

How to Buy G Coin?

G Coin can be safely bought and sold on Binance, the world’s largest cryptocurrency exchange.

To purchase G Coin, you first need to sign up for a Binance account. After completing the registration process, you’ll need to transfer funds to your Binance wallet, either in cryptocurrency or fiat currency like Turkish Lira. Once the transfer is complete, you can purchase G Coin from the available trading pairs.

To buy G/USDT, navigate to the trading interface for this pair. Enter the amount you wish to purchase in the limit section and complete the purchase by placing a “Buy G” order.

This way, you can buy G Coin through a reliable platform like Binance and become part of the G ecosystem.

G Token Commentary

Gravity (G) is a Layer-1 network that offers significant advantages for decentralized applications (dApps), with its promise of high scalability and compatibility with multiple blockchains, including Ethereum. The G Token, the platform’s cryptocurrency, also serves as the native token of the Galxe platform. Today, G Token is considered one of the top Layer-1 tokens and a promising altcoin with significant future potential.

Frequently Asked Questions About Gravity (G)

What is Gravity?

Gravity (G) is a cross-chain-compatible Layer-1 blockchain network that supports smart contracts.

Where is G Token Used?

G Token is used to pay transaction fees on the Gravity blockchain, reward validators, and within the Galxe ecosystem.

Which Network Does G Token Operate On?

G Token is built on both the Ethereum and BNB Chain networks.

What is the Total Supply of G Token?

The total supply of G Token is recorded at 12 billion.

Is G Coin or Token?

Although Gravity is a Layer-1 network, G is a token, not a coin.

The post What is G Coin? Gravity (G) Project Overview appeared first on Coin Engineer.

Spot trading for G/USDT and G/TRY pairs has commenced on July 19, 2024, at 08:00 UTC. Spot Copy Trading users can incorporate these pairs into their portfolios by activating them in the Personal Pair Preference section of the Spot Copy Trading settings.

Binance Expands Gravity (G) Support Across Platforms

Binance is thrilled to announce the integration of Gravity (G) into its Simple Earn, Buy Crypto, and Convert services. Furthermore, G will be available on Binance Margin starting July 19, 2024, at 10:00 UTC, and on Binance Auto-Invest from July 22, 2024, at 10:00 UTC.

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