The Bank of Thailand is considering the option of using blockchain technology for its interbank clearing and settlement system, CoinDesk reports.
During a speech at an event in Singapore, the bank's manager Veerathai Santiprabhob said that the development of a central bank cryptocurrecny is already in the process and is part of a country's initiative in blockchain testing.
According to Santiprabhob, the initial goal of Inthanon is to understand the potential of the technology before using it on a large scale and real life.
The project, called Inthanon, is designed to create its own bank's cryptocurrency, which will help make interbank transactions faster and cheaper
Like other central banks, our goal is not to immediately bring CBDC into use, but rather to explore its potential and implications for back-office operations. These efforts should pave way for faster and cheaper transaction and validation due to less intermediation needed compared to the current systems.
Governor, central bank
The Bank of Thailand has previously participated in several projects related to blockade technology.