Thailand Enlists Indian Tech Firm to Develop Interbank Crypto

May 19, 2019

Indian tech company Wipro has developed a digital currency to be piloted by eight Thai banks for interbank settlements. The move is part of the Bank of Thailand’s (BoT) ‘Project Inthanon.’

Initiated in August 2018, Project Inthanon set out to establish a payments infrastructure that would support blockchain initiatives to follow.

Wipro said in a May 7th statement, “Developed as part of the first phase of Project Inthanon, the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can reform key functionalities of payment and enhance efficiency.”

Krishnakumar N. Menon, Vice President and Blockchain Theme Leader at Wipro, said, “The prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient.”

The World Economic Forum (WEF) recently reported that there are more than 40 nations so far that are pioneering the vast possibilities blockchain technology has to offer, apart from digital currencies.

According to the WEF report, “Blockchain technology could enable new capabilities for central bank processes that have not yet been identified.”

The Reserve Bank of India (RBI) in April 2018 had a plan to issue its own CBDC and closed down several cryptocurrency exchanges in India. The plan was later called off after a three-month feasibility study, the findings of which have yet to be made public.

As opposed to other cryptocurrencies, CBDCs are regulated by the central bank or monetary authority and are therefore centralized. As such, they do not offer the same degree of anonymity as cryptos.

Source: www.businessinsider.in


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

Related Article
Ex-Morgan Stanley Developers Announce Launch of Phemex Crypto Platform
Former Morgan Stanley developers have introduced a ‘high-speed’ crypto derivatives platform called P...

December 14, 2019

Huobi Hosts Blockchain Event Attended by Foreign Govt Officials
Huobi crypto exchange has hosted a digital economy and blockchain event in Hainan, China, where an a...

December 14, 2019

Fraxtor Uses Blockchain Technology for Proptech in Singapore
Singaporean proptech firm Fraxtor has disclosed that blockchain technology can help create new sourc...

December 13, 2019

Credits, Alibaba Cloud Launch Blockchain Solutions to Solve Logistics Issues
Alibaba Cloud and the Credits platform have collaborated to launch blockchain-based solutions for th...

December 13, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us