Thailand to Test CBDC for Interbank Settlement

Bank of Thailand is testing blockchain to make interbank transactions faster and cheaper
07 June 2018   936

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 Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   247

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.