CENTRAL BANK OF THAILAND CREATES A SOLUTION ON THE BLOCKCHAIN AS PART OF THE RELEASE OF ITS OWN DIGITAL CURRENCY

The Central Bank of Thailand (BoT) is advancing in the implementation of its own digital currency project and created a prototype solution based on the blockchain.

The decision will allow the central bank to conduct interbank transactions using digital currency among its eight commercial partner banks. Technical partner BoT Wipro announced this on Tuesday. The prototype was created as part of a central bank digital currency project called lnthanon. Wipro and R3 blockchain consortium provided development services.

The solution will allow decentralized interbank gross settlement in real time (RTGS), using cryptocurrency of the central bank for faster payments, noted in Wipro.

The Central Bank of Thailand announced last August that it was developing regulated cryptocurrency on the R3 Corda platform. The project’s banking partners include Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand) and HSBC. BoT also announced that it is working on another test of the DLT concept, designed to increase the efficiency of sales of government bonds.

In addition, recently it became known that the Bank of Thailand Siam Commercial Bank (SCB) and the state-owned oil company PTTEP successfully tested the use of the blockchain for international transfers.