ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Aug 22nd 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Thailand’s Central Bank Researching Blockchain Technology And Central Bank Digital Currency

By

Nathan

Graham

WriterETHNews.com

Thailand’s Central Bank is researching blockchain technology, including the benefits of issuing a central bank digital currency.

On June 5, the Bank of Thailand's (BoT) governor, Veerathai Santiprabhob, announced the bank has been researching the benefits of blockchain technology and is considering issuing a central bank digital currency (CBDC).

During his keynote speech at the Nomura Investment Forum Asia 2018 in Singapore, Santiprabhob spoke about "Project Inthanon," which BoT is co-developing with other unspecified banks. The project aims to create a CBDC in hopes to improve interbank settlements. Santiprabhob added:

"Our goal is not to immediately bring CBDC into use, but rather to explore its potential and implications for back office operations. These efforts should pave way for faster and cheaper transaction and validation, due to less intermediation process needed compared to the current systems."

Santiprabhob also discussed the Thailand Blockchain Community Initiative, a pilot project that has BoT joining forces with 14 other Thai banks and seven prominent companies and state-owned entities to research the potential for blockchain-based letters of guarantee. Santiprabhob hopes this research will lead to improved efficiency and authentication in the area of supply chain finance. He also mentioned a project in the works to use blockchain technology for the improvement of savings bonds transactions between the BoT and retail investors.

In recent years, a number of governmental and nongovernmental entities in Thailand have implemented blockchain-based technologies. In March 2017, the Stock Exchange of Thailand launched a blockchain-based marketplace for startups. In August of last year, the State Railway of Thailand and the Thailand Post looked into blockchain technology to modernize their services. In September, Bank of Ayudhya collaborated with IRPC to create its own blockchain to facilitate cross-border transfers, and in May, it partnered with MUFG – Japan's largest bank – and the Standard Charter Bank of Singapore.

Nathan Graham

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Thailand, central bank or other Ethereum world news.