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


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