Thailand’s central bank (Bank of Thailand) recently announced its central bank digital currency (DBDC) project Inthanon.
The CBDC project includes eight large banks including Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikorn Bank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank (Harvard Bank) and Hong Kong and Shanghai Banking Corporation (HSBC) bank.
“The project, referred to as Project Inthanon Phase 1, will design, develop and test a proof-of-concept prototype for domestic wholesale fund transfers by using wholesale CBDC”
The Bank of Thailand further elaborated:
“Inthanon will cover the design, development and testing of fund transfers between financial institutions through the use of digital currencies… The first phase of the project is expected to be completed in the first quarter of 2019.”
The Thai central bank pointed out that its projects are similar to those being developed by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore.
The Central Bank said: “Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer”.
Since Thailand passed the cryptocurrency-related regulations on July 16, many changes have taken place in the country’s cryptocurrency sector.
Thailand’s main cryptocurrency regulator, the Securities and Exchange Commission (SEC), has now provided temporary licenses for seven cryptocurrency exchanges while reviewing about 50 license applications for companies interested in running cryptocurrency operations in Thailand. It includes 20 exchanges and 5 portals. In addition, the Bank of Thailand has facilitated the branch of commercial banks that offer cryptocurrency services.
Sources: Jinse, Bank of Thailand