The Bank of Thailand is considering the possibility of using the blockchain for interbank clearing and settlement system.
During the Nomura Investment forum in 2018, held in Singapore on 5 June, the head of the Central Bank of Thailand (BoT) Virati Santiprabhob (Veerathai Santiprabhob) said that the Bank is in the process of developing a digital currency issued by the Central Bank (CBDC).
The project Inthanon is part of a global initiative of the country to test the possibilities of the blockchain in a variety of applications. With it, the Bank hopes to improve the speed of interbank transactions and reduce their cost by reducing the number of intermediaries.
Santiprabhob stressed that like other Central banks, the BoT does not aim for a speedy release CBDC, and want as much as possible to explore the potential of this currency.
The head of the Thai Central Bank spoke about other blockchain initiatives in the country at the moment.
First of all, Santiprabhob mentioned Thailand Blockchain Community Initiative, under which it is planned to digitize on the blockchain the platform of the letter of guarantee. Recall that in March, this initiative was joined by 14 Thai banks. This project is scheduled for the second half of this year
In the longer term it is planned the introduction of the blockchain in financial supply chain that, according to expectations, should facilitate the work of the real sector of the economy.
Among other projects related bloccano — bonding in digital form. According to Santiprabhob, such a system will speed up the process of issuing bonds to retail investors (from 15 days to 2), and provide greater flexibility to issuers. At the moment the project is in the final stages of proof of concept, its launch is scheduled for the near future.
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