Thailand Works On Its Own Cryptocurrency

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The Bank of Thailand (BOT) announced a central bank digital currency (CBDC) project – the Inthanon. The project is a collaboration between the central bank of Thailand and the country’s largest banks.

The participating banks are Bangkok Bank, Bank of Ayudhya, Krung Thai Bank, Kasikorn Bank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank (Thailand) and Hong Kong and Shanghai Banking Corporation (HSBC).

“The Inthanon initiative will cover the design, development and testing of fund transfers between financial institutions through the use of digital currency…It is expected that the first phase of the project will be completed within the first quarter of 2019.”

The project will initially focus on designing and developing a prototype system of money transfer between institutions “by issuing [a] wholesale CBDC” built on R3’s Corda platform. In the next phase, it is planned to include third-party fund transfers and cross-border transfers.

The first, interbank transfer-phase is expected to be completed by the first quarter of 2019.

Regulations

Thailand adopted cryptocurrency regulations on 16th July 2018. The Thai Securities and Exchange Commission (SEC) legalized 7 cryptocurrencies and is currently reviewing close to 50 ICO projects interested in acquiring a licence to operate in the country. Twenty cryptocurrency exchanges and five ICO portals are also interested in being licenced.

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