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Bank of Thailand integrates into international blockchain ecosystem

Veerathai Santiprabhob said the Bank of Thailand will take the lead in deploying blockchain technology within the country's banks to support bond issuance and a national digital currency, as well as an interbank payment system. He also said that using blockchain technology could reduce the existing 15-day bond underwriting time to single digits.

At this stage, the Bank of Thailand said they have launched a proof-of-concept project "Inthanon" (Inthanon), which aims to use the blockchain to develop a wholesale bank digital currency and improve the management of interbank Thai baht clearing. (Editor's note: Doi Inthanon is a national park in Chiang Mai, Thailand)

Currently, the central banks of Canada, England and Singapore all have digital currency services, and Saudi Arabia and South Africa are testing similar systems. If the digital currency system can become part of the existing international financial ecosystem, it will effectively reduce inter-bank clearing costs and improve transaction processing efficiency - Veerathai Santiprabhob specifically mentioned cross-border payment platforms, he said:

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Regulatory policies for cryptocurrencies remain unchanged

Veerathai Santiprabhob also said the central bank is preparing for digital reforms, including revising existing regulations in line with technological developments.

However, the Bank of Thailand will not change its regulatory stance on cryptocurrencies and ICOs, which also means that they will continue to prohibit financial institutions from participating in the acquisition of cryptocurrencies. Not only that, the local banking industry in Thailand cannot support cryptocurrency transactions in any form.