Bank of Thailand reveals blockchain solution for digital currency project

Wednesday 8 May 2019 14:10 CET | News

Thailand’s central bank, Bank of Thailand (BoT), has built a blockchain-based prototype solution, in order to moved ahead with its digital currency project.

The solution will allow BoT to settle interbank transactions using a digital currency among its eight commercial bank partners. The project’s banking partners include Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand), and HSBC, among others.

The prototype was designed as part of lnthanon, the central bank’s digital currency project. Wipro and blockchain enterprise software company R3 on Corda platform provided development services. Moreover, the solution is meant to enable decentralised interbank real-time gross settlement (RTGS) using a wholesale Central Bank Digital Currency (CBDC) for faster payments.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Thailand, Bank of Thailand, central bank, blockchain, digital currency, cryptocurrency, banks, partnership, banking, decentralised interbank, RTGS, CBDC, payments
Countries: World