The Central Bank of Thailand pays great attention to studying and testing the capabilities of blockchain technology in various sectors of the country’s economy, including a number of developments in the work on the use of innovations in the banking environment. The new project is aimed at preparing the release of Thailand's national cryptocurrency (CBDC).
Agreeing that it is impossible to stop the use of cryptocurrencies in the country, financial agencies in Thailand began to actively study their technologies and the possibility of using them in the public sector. Having developed legislative framework for the use of digital currency, having determined that excessive tax regulation could be disruptive to this market, Thailand has recognized the enormous potential of blockchain technology and the possibility of using it to transform the country's economy through tokenization.
A new project, Project Inthanon, is testing the possibility of introducing blockchain technology into an interbank transfer system using a national digital coin.
An innovation being developed by the Central Bank of Thailand for faster and cheaper interbank transactions involves the use of tokens in the bank's internal system, and, therefore, necessitates the development of a National Bank Cryptocurrency (CBDC).
Central Bank Governor Virathai Santiprabhob, speaking at a financial summit in Singapore in his report on the Thai economy, he paid special attention to the development of the state strategy for introducing blockchain technology into various sectors of the country's economy. In his opinion, a national token must first undergo comprehensive testing of its potential, possible limitations and risks, before being widely used at the state level.
The Project Inthanon pilot project is designed to answer questions about the use of blockchain technology for operational and accounting banking systems and the possibilities of creating a national cryptocurrency. Santiprabhob also noted that the development of a blockchain platform for issuing digital bonds is at the final stage, and in the second half of this year it is planned to launch another project designed to digitize letters of guarantee.
You May Also Like
Sweden's central bank prepares for a cashless future with e-krona
The Swedish Central Bank continues to work on the e-krona project. For more than a year, the commission has been studying the technical possibilities for issuing a national digital currency.
The Venezuelan bolivar is planned to be revived through Petro
Venezuela is seeking to end once and for all the hyperinflation that has virtually destroyed the bolivar, forcing the government to create a new currency - a sovereign bolivar, which will be pegged to the Petro cryptocurrency. The country's President Nicolas Maduro announced the release date of the new currency - August 20 - and said that the country needs an “economic revolution.”
