Thailand to Test CBDC for Interbank Settlement

Bank of Thailand is testing blockchain to make interbank transactions faster and cheaper
07 June 2018   869

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.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.