Bank of Thailand deems to adopt blockchain technology

ABR
August 7, 2018

Dr. Veerathai Santiprabhob – The Governor of the Bank of Thailand (BoT) shared at the Bloomberg ASEAN Business Summit on July 12 that the bank is proposing to utilize blockchain into various application.

Dr Santiprabhob expressed that the bank was especially considering to apply blockchain to cross-border transactions, supply chain and document authentication.

According to him, blockchain technology would increase the possibility of international payment expansion and assist cross-border remittance services. Moreover, blockchain will play an important role in preventing counterfeit and securing authentication information.  

Also sharing in his speech, he also mention their current works of updated law that encourage “competition and innovation”:

“The Bank of Thailand is also undergoing regulatory reform to review outdated rules and regulations, to facilitate ease of doing business and ensure that our regulations do not impede competition and innovation and contribute to high costs of financial services.”    

Early this year, Thailand has announced two notable news in legalized cryptocurrency. According to Cointelegraph on March 30, the Finance Minister of Thailand published a new taxation framework for cryptocurrency. Also in mid-July, Thai Securities and Exchange Commission (SEC) confirmed that the ICO regulation will come into force from July 16.

This is not the first blockchain development of Bank of Thailand since earlier this June, Dr Santiprabhob revealed that their bank is planning to establish a central bank digital currency (CBDC) to enhance the efficiency of interbank payments.

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