One More Statement: From Thailand Now
CryptoBit News Today1 min read
The Bank of Thailand has publicly announced plans to complete the first development phase of its own digital currency by the end of the first quarter 2019, collaborating with eight domestic financial institutions on the project.
In a statement published by the central bank, it outlines the partnership, built on Corda, the distributed ledger platform developed by the R3 consortium. The goal is to establish a Central Bank Digital Currency (CBDC) in order to improve the efficiency and infrastructure of Thailand's financial markets.
The plan to explore blockchain's potential for facilitating interbank transactions was first floated by the central bank's governor in June, which then culminated with the launch of Project Inthanon.
By venturing into digital currency, the Bank of Thailand joins a growing number of central banks experimenting with blockchain for interbank and cross-border transactions. Hong Kong and Canada are among the monetary authorities to have already begun DLT-based projects with similar goals.
