Bank of Thailand Moves Forward with CBDC as Prototype Unveils

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Bank of Thailand Moves Forward with CBDC as Prototype Unveils

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The Bank of Thailand (BoT) is progressing with its digital currency project according to a recent update about a prototype.

The announcement was made in a press release by leading global information technology, and blockchain consulting firm Wipro who’s helping BoT in partnership with R3 to build the required blockchain framework for an interbank settlement among 9 banks – BoT inclusive, using a Central Bank Digital Currency (CBDC).

According to the document, the prototype was developed as part of the first phase of Project Inthanon, the blockchain-based CBDC initiative which was launched in August last year. The project is headed by BoT with 8 other banks as participating banks. The project was designed as an attempt into an economic inclusion as emerging financial technologies were taking center stage.

Wipro’s vice president Krishnakumar N Menon said: “The DL T-powered solution prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient.”

Blockchain technology continues to fascinate financial institutions across the globe, and banks are racing for inclusion. CEO of R3 David E Rutter stated in the document:

“Blockchain development is in a truly exciting phase given how more and more financial institutions are recognizing its potential to enable national digital currencies or CBDCs.”

While the subject of CBDC has reportedly been identified as having practicality in the banking sector, sentiments, however, are not particularly favorable for some countries. While some countries have outright disapproval fearing they may impact the economics of the state, others who have an interest have clearly stated they are not in a hurry to issue CBDC.

 

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