Thailand to Test CBDC for Interbank Settlement

Bank of Thailand is testing blockchain to make interbank transactions faster and cheaper
07 June 2018   659

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.

Veerathai Santiprabhob

Governor, central bank

The Bank of Thailand has previously participated in several projects related to blockade technology.

Binance to Launch Crypto-Fiat Exchange at Jersey

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs
16 January 2019   72

Binance has opened a branch at Jersey island, targeting Europe and the UK. Its clients will be able to trade Bitcoin and Ethereum for the euro and the British pound. 

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs. To start trading, users must undergo KYC verification.

According to Binance CFO Ju Wei, bidding cryptocurrencies for fiat money will provide Europeans with new opportunities in the face of uncertainty with Brexit affecting the euro and the pound.

Wei also stressed that a strong legal framework makes Jersey one of the leaders in the development of blockchain technology.