The Bank of Thailand (BoT) announced that it has been working with government agencies and commercial banks to develop use cases for blockchain, from utilizing DLT for domestic and international transfers to the issuance of scripless bonds and electronic letters of guarantee. 

Leading Thailand’s Banking Sector with Blockchain Solutions 

Veerathai Santiprabhob, Governor of the Bank of Thailand, talked about the central bank’s progress in developing use cases for blockchain at the third “Blockchain the Series @ BOT” conference held on May 29th, 2019 in Bangkok.

“Blockchain has the potential to transform the way financial transactions are carried out,” Veerathai said. “The technology allows the data to be accessed by all parties in real-time, and blockchain offers greater transparency, which leads to establishing trust in the financial system.”

Veerathai revealed that the central bank’s Project Inthanon is developing a prototype Central Bank Digital Currency (CBDC) with eight commercial banks in the country, which could be used to decentralize interbank settlements. According to the BoT Governor, the project is in its third phase, which is focused on seeking ways to carry out cross-border payments. 

DLT to Facilitate Scripless Bond & e-LG Issuances 

According to Veerathai, the BoT is developing DLT scripless bonds with the Public Debt Management Office, the SET’s Thailand Securities Depository, and the Thai Bond Market Association by conducting proofs of concept using blockchain technology.

Moreover, the BoT has spearheaded the establishment of the Thailand Blockchain Community Initiative (BCI) which has gathered 22 commercial banks and other organizations to promote the use of blockchain technology, beginning with the issuance of electronic Letters of Guarantee.

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