The Bank of Thailand (BoT) stated its partnership with other banks in an exceedingly cooperative project that will employ the R3’s distributed ledger technology (DLT) platform Corda to create a proof-of-concept prototype that may modify the existing domestic fund transfers in the country’s interbanking system with the help of CBDC tokens. This project is named ‘Project Inthanon’ by BoT.
The decentralised transfer initiatives, steam-powered by blockchain technology, may be a mean serving to ‘raise the Thai monetary sector’s technological readiness’ for adopting new tumultuous technologies as an exceedingly focused effort to ‘enhance the operational efficiencies’, the BoT aforesaid in its statement released.
Project Inthanon was initially proclaimed by Central banks governor ‘Veerathai Santiprabhob’ in a monetary summit held at Singapore earlier this year, heralding the project as a “new approach of conducting interbank settlement” employing CBDC tokens.
The Thai Bank stated that this Project Inthanon will be under the supervision of the bank of Thailand and can see New York-based R3 as its technology partner with other eight domestic banks. The CBDC project attracts parallels to similar efforts undertaken by BOT’s counterparts in Canada, Singapore and Hong Kong.
The BoT defying the project mentioned:
‘The outcome and insights from Project Inthanon can contribute to the look of Thailand’s future financial market infrastructure’.
A year earlier, Singapore’s bank also completed part one of its ‘Project Ubin’, the blockchain being devleoped to put “a tokenized kind of the Singapore dollar (SGD) on a distributed ledger platform.’ Last year in 2017, the Singapores bak also unconcealed it had used a non-public Ethereum blockchain with success to issue digital tokens as its national currency.
The Bank of Thailand confirmed that it would launch its own digital tokens after the successful completion of the phase first of its Inthanon project. Mentioning further its was stated:
“Building upon the findings and outcomes from part one, the project participants aim to additionally develop the capabilities with third party funds transfer and cross-border funds transfer.”