The backers of the digital currency, called ETA Coin, say it will be the first in Thailand focused on expanding the funding sources for local-level enterprises. The association recently bought ETA Coins through an initial coin offering (ICO) for its members. An ICO involves an enterprise raising funds by offering investors tokens in return for their cash or other kinds of cryptocurrency. Satapol said that about 5,000 shops are expected to join the ETA Coin initiative over the next year. In less than a month, the price of ETA Coin has soared by 20 times from 0.001 coin per US dollar to 0.21 coin, Satapol said.

Source: The Nation Bangkok April 19, 2018 18:00 UTC