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Bank of Thailand working to launch own cryptocurrency

PHUKET: The Bank of Thailand (BoT) has entered into a collaborative project to develop and launch a cryptocurrency that is to be used as a trading platform for transfers between participating banks. The new digital currency is scheduled for launch in Q1 2019.


By The Phuket News

Friday 24 August 2018, 11:23AM


The Bank of Thailand is working on issuing its own cryptocurrency to be used for inter-bank transfers, government bond sales and cross-border transactions. Photo: Post Today / file

The Bank of Thailand is working on issuing its own cryptocurrency to be used for inter-bank transfers, government bond sales and cross-border transactions. Photo: Post Today / file

“The BoT and the participating banks will collaboratively design and develop a proof-of-concept prototype for wholesale funds transfer by issuing wholesale Central Bank Digital Currency (Wholesale CBDC).

“The prototype will be built on Corda, a DLT platform developed by R3,” announced a Bank of Thailand release issued on Tuesday (Aug 21). (See release here.)

The project, called ‘Project Inthanon’ and led by the BoT, is a collaboration of technology partners R3 and eight participating banks, the release noted.

The participating banks were identified as: Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank (Thai) PCL and The Hongkong and Shanghai Banking Corporation Ltd (HSBC).

“The outcome and insights from Project Inthanon will contribute to the design of Thailand’s future financial market infrastructure. This is in line with similar projects embarked upon by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore,” said the release.

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“In addition to Project Inthanon, the BoT is conducting a DLT proof of concept for scriptless government savings bond sale to improve operational efficiency,” it added.

Project Inthanon Phase 1 currently underway involves the designing, developing and testing a domestic wholesale funds transfer by using wholesale CBDC.

“Key payment functionalities such as liquidity saving mechanism and risk management will also be developed and tested during this phase,” said the release.

“Project Inthanon Phase 1 is expected to be completed by the first quarter of 2019 after which the BOT will publish a project summary accordingly,” it added.

“Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer,” the BoT concluded.

 

 

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Kurt | 02 September 2018 - 00:34:57

Before BoT joins in international banking affairs about crypto currency stuff it should make herself strong to make sure thai people can monthly get their salaries from thai banks at 15th or 30/31st every month. Sounds more urgent than anything else for so millions of thai people. Care about thai people.
Stay with your feet on the ground! BoT should care first about monthly thai workers payments ...

Christy Sweet | 30 August 2018 - 11:29:03

For the design I nominate an image of a sex worker writhing on a pole because it's on their backs whole swaths of the population thrive that would otherwise be left to rot.  

Kurt | 24 August 2018 - 21:14:21

The world has a solid 'normal' currency exchange system.
This crypto business is so new that is first needs international wise a setting as we use to experience with normal world currencies.
Otherwise, to much room for financial criminals to 'undermine'. Specially in countries were criminals sometimes have seats at Government levels. Thailand better wait.

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