The central bank of Thailand (Bank of Thailand (BOT)) is set to issue its own digital currency in conjunction with several local financial institutions. Acknowledging the major impact that technological changes have on financial services globally, the Bank of Thailand announced that it is working in collaboration with the country’s largest banks on a project that will provide a digital future to the Thai financial sector.
Eight Financial Institutions Involved in Project Inthanon
Following the implementation of Thailand’s first cryptocurrency regulation, the Bank of Thailand has initiated Project Inthanon with technology partner R3, alongside eight financial institutions. As mentioned in the press release published by BOT, these institutions are Bank of Ayudhya Public Company Limited, Bangkok Bank Public Company Limited, Siam Commercial Bank Public Company Limited, Standard Chartered Bank (Thai) Public Company Limited, Kasikornbank Public Company Limited, Thanachart Bank Public Company Limited, Krung Thai Bank Public Company Limited and The Hongkong and Shanghai Banking Corporation Limited.
According to the Bangkok Post, apart from the said project, the BOT is also conducting a blockchain proof of concept for “scriptless government savings bond sales to improve operational efficiency.”
Project Inthanon Is Divided Into Two Steps
In June this year, the Bank of Thailand’s governor revealed the concept, saying that they were looking to explore the potential of blockchain technology to facilitate interbank and cross-border transactions. Now the central bank, along with the participating institutions, are collaboratively developing a proof-of-concept prototype called Central Bank Digital Currency (Wholesale CBDC) for domestic wholesale fund transfer. The prototype is going to be built on R3’s blockchain platform Corda. The project is presently on its Phase 1.
Project Inthanon will develop broader capabilities beyond the prototype, dependant on the progress of phase 1, for larger functions including third-party and cross-border funds transfers.
The name of the project is said to be taken from Doi Inthanon, the highest mountain in Thailand. However, there has been no official confirmation from the BOT.
Bank of Thailand All Set to Issue Own Digital Currency, Powered by R3 was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.