The Bank of Thailand (BoT) announced the completion of the first phase of proof of concept (Proof-of-concept, PoC) digital currency of the Central Bank (CBDC). The deadline is scheduled for March 2019.

In a press release issued on Tuesday, the Thai Central Bank said that the creation of CBDC has teamed up with eight financial institutions in the country. Cryptocurrency is developed on the basis of the DLT platform from Corda blockchain consortium R3 and will be used in interbank transactions, which will greatly simplify their implementation. Also the representatives of the organization believe that CBDC will have a positive impact on the infrastructure of the financial market of Thailand.

The project to develop a digital currency of the Central Bank is called Inthanon, the number of participants technology company, R3 and eight different financial institutions, including commercial Bank Bangkok Bank Public state Bank Krung Thai and Japanese Bank HSBC.

“The first phase of the project Inthanon will be completed by the first quarter of 2019, after the BoT will publish a short description of the project,” — said in the official announcement of the Central Bank. — “Based on the results of the first phase, the project participants will continue working on adding new features to the prototype, including the transfer of funds from a third party and cross-border transfers”.

For the first time about the decision to release its own digital currency the Governor of the Bank of Thailand reported in June at the forum in Singapore. Through the project, Inthaton the Central Bank expects to increase the speed of transfer of funds between banks, and reduce their cost.

In a press release the Bank of Thailand also mentioned that inspects the concept of another DLT platform, designed to increase the effectiveness of sales of government bonds.

We will remind that in the beginning of the month BoT presented rules of participation in the cryptocurrency activities for commercial banks and their subsidiaries.