The Bank of Thailand (BOT), Thailand’s central bank, project, Inthanon was announced on August 21. Inthanon will be a central bank digital currency (CBDC).
Thailand has raced ahead with the Crypto movement since the country adopted cryptocurrency regulation on July 16. Thai Securities and Exchange Commission (SEC), gave green light to legalized seven cryptocurrencies and reviewing applications from companies waiting for approval. Five ICO portals and 20 crypto exchanges around 50 ICO projects have expressed interest.
Looking into all the positives large commercial banks, view the central bank digital currency (CBDC) initiatives as and suitable opportunity to tap into this space and gain early grounds.
Inthanon project saw support from eight of the country’s largest commercial banks; Standard Chartered Bank (Thailand), Krung Thai Bank, Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Siam Commercial Bank, Thanachart Bank and Hong Kong and Shanghai Banking Corporation (Hsbc).
Built on R3’s Corda platform, the BOT detailed, elaborating;
The Inthanon initiative will cover the design, development and testing of fund transfers between financial institutions through the use of digital currency…It is expected that the first phase of the project will be completed within the first quarter of 2019.
Third-party fund transfers and cross-border payments are the areas commercial banks and R3 plan plans to explore.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, our open-source blockchain platform, and Corda Enterprise, a commercial version for enterprise usage.
Corda is an open source blockchain project, designed for business from the start. Only Corda allows you to build interoperable blockchain networks that transact in strict privacy. Corda’s smart contract technology allows businesses to transact directly, with value. https://www.corda.net.
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