One More Statement: From Thailand Now

The Bank of Thailand announced the intention to complete the first stage of development of its own digital currency by March 2019.

In a statement published by the Central Bank it is said about the Agency's cooperation with eight financial institutions of the country. The goal of this collaboration is to create a digital currency of the Central Bank on Corda (DLT-platform developed by R3 consortium).

After the implementation of the project named Project Inthanon, the digital currency is planned to be used to facilitate the system of interbank transactions and, as stated in a press release, “enhance efficiency of the Thai financial market infrastructure.” The announcement also proclaims: "Project Inthanon Phase 1 is expected to be completed by the first quarter of 2019 after which the BoT will publish a project summary accordingly.”

For the first time the concept of such a project was proposed by the governor of the Central Bank in June this year. He also stressed that the purpose of the initiative is to study the potential of blockchain in interbank transactions.

With the launch of Project Inthanon, the Bank of Thailand has joined an expanding group of Central Banks that began using DLT systems to simplify interbank and international operations. The group also includes the Hong Kong Monetary authority and the Bank of Canada.