Banking News

Central Bank of Thailand to develop digital currency for interbank settlements

Central Bank of Thailand to develop digital currency for interbank settlements

(8 June 2018 – Thailand) Thailand’s central bank is in the process of co-developing its own digital currency with the country’s major lenders which will be used to conduct interbank settlement.

In a speech to Nomura Investment Forum Asia, Bank of Thailand governor Veerathai Santiprabhob announced “Project Inthanon” which will explore the use of wholesale central bank digital currency (CBDC) for its potential use in bank-office operations.

“These efforts should pave the way for faster and cheaper transaction and validation due to less intermediation process needed compared to the current systems,” Santiprabhob added.

The move comes as fourteen Thailand banks and seven businesses and state-owned enterprises earlier launched the Thailand Blockchain Community Initiative to boost financial services, starting with blockchain-based letters of guarantee.

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