Bank of Thailand Will Use R3 Corda Platform for National Digital Currency | News ICORating
  1. Home
  2. News
  3. Release

Bank of Thailand Will Use R3 Corda Platform for National Digital Currency

Bank of Thailand Will Use R3 Corda Platform for National Digital Currency

The Bank of Thailand (BoT) is set to develop a prototype for a wholesale Central Bank Digital Currency (CBDC) using R3’s Corda platform.

The BoT revealed its plans in a press release on August 21, noting that the development of the upcoming “wholesale” CBDC prototype is the next milestone in Project Inthanon, which aims to “enhance efficiency of the Thai financial market infrastructure.”

A “wholesale” CBDC is designed for use only by financial and government institutions, compared to a “retail” CBDC intended for use by the general public.

According to the press release, the BoT and eight participating banks will “collaboratively design and develop a proof-of-concept prototype for wholesale funds transfer” that will be built on Corda, a Distributed Ledger Technology (DLT) platform developed by R3.

Project Inthanon partners include Bangkok Bank, Krung Thai, Bank of Ayudhya, Kasikornbank, Thanachart Bank, Siam Commercial Bank, Standard Chartered and HSBC.

Results and insights from Project Inthanon “will contribute to the design of Thailand’s future financial market infrastructure.” In addition to Project Inthanon, the BoT is “conducting a DLT proof of concept for a scriptless government savings bond sale to improve operational efficiency.”

The BoT notes that Project Inthanon is “in line with similar projects embarked upon by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore.”

An increasing number of central banks around the world are considering 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 CBDC by the end of 2018.

European governments and central banks, including Switzerland, the UK, and Norway have all made plans to test their own CBDC.

Latest news

Japan Regulatory Authority Publicly Warns an Overseas Crypto Exchange

SB 101, a Gibraltar headquartered e...
21 Feb 2019

Top Tokens by Daily Trade Volume: Feb, 19

Top tokens by daily trade volume in...
21 Feb 2019

Investment News + DEX: dLab/EMURGO, Beam, and Nash

The dLab and EMURGO accelerator pro...
20 Feb 2019

Top Tokens by Transactions Count: Feb, 19

Top tokens by transactions count in...
20 Feb 2019

ICORating Weekly Report: 7th Week of 2019

This report includes data on severa...
20 Feb 2019

Blackmoon and FintechSauce Partnered for ETx Investment Vehicles

Blackmoon and FintechSauce came tog...
19 Feb 2019