The Implementation of Blockchain in the Work of the Central Bank of Thailand (BoT)
The Central Bank of Thailand (BoT) is considering the issue of implementing blockchain technology in the system of interbank clearance and settlement. The head of the central bank, during his speech in Singapore, said that the development of the digital currency of the Central Bank, is at the stage of completion.
The project was named Inthanon. Its main task is to create its own crypto asset on the base of the bank's blockchain. The implementation of the asset will make interbank transactions faster and more affordable.
In his speech, the head of the central bank said:
"Like other central banks, we do not aim at presenting the digital currency as soon as possible, but rather to study its potential and consequences for operations. Efforts that will be made must make the transactions faster and more accessible. The project should be submitted and will begin work in the near future."
As previously reported, 14 Thai banks joined the central bank to work on one blockchain platform.