The Bank of Thailand (BoT), Thailand’s central bank, is performing trials of a blockchain-based central bank digital currency (CBDC), called Inthanon, to help with interbank settlement and clearance operations.
In a speech made at the Nomura Investment Forum Asia 2018 on June 5 in Singapore, Dr. Veerathai Santiprabhob, governor of the BoT, revealed that Thailand’s central bank was testing the Inthanon project to “explore its potential and implications for back office operations.”
According to Santiprabhob, the main purpose of Inthanon is to “pave the way for faster and cheaper transaction and validation due to less intermediation process needed compared to the current systems.
Thailand joins an increasing number of central banks around the world exploring blockchain technology and the implementation of a CBDC. Venezuela became the first country to officially roll out a state-backed cryptocurrency called the Petro in February 2018. The Marshall Islands have announced plans to launch a state-backed cryptocurrency by the end of 2018.