As revealed with the media recently, Bank of Thailand is planning to apply blockchain technology to their interbank settlement and clearance.

During the speech at a conference event in Singapore on Wednesday, Dr Veerathai Santiprabhob – this central bank governor stated that they are building a wholesale cryptocurrency for central bank (CBDC). This project is a part of Thai’s effort to apply blockchain technology to different industries.

The project, named Inthanon, attempts to build central bank’s cryptocurrency using blockchain technology to carry out faster and cheaper interbank payment.

According to this governor, the original objective of the trial is intensively understanding the capacity of this technology before bringing CBDC into larger scale for daily life usage.

As previously reported by CoinDesk, in March, 14 Thai banks joined the central bank in March in piloting a shared blockchain platform to digitize letters of guarantee in the country. That work, according to Santiprabhob in the latest speech is “expected to become operational in the second half of this year.”

As also reported by Coindesk in the middle of this March, forteen Thai banks has jointly been piloting a consortium blockchain platform which digitalize letters of guarantee within this country. That action is expected to be implemented in late of this year.

Additionally, Dr Santiprabhob said his agency is also trialing a proof-of-concept that use a blockchain-based platform to digitally issue loans and can prevent “bond allocation to retail investors from 15 days to 2 days.”

He also revealed that the proof-of-concept is nearly finished and its product is foreseen to be introduced in a near future.