Thailand to Test CBDC for Interbank Settlement

Bank of Thailand is testing blockchain to make interbank transactions faster and cheaper
07 June 2018   427

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.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   93

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.