The Bank ofThailand(BoT) stated its partnership with other banksin an exceedinglycooperativeprojectthat will employ the R3’s distributed ledger technology (DLT) platform Cordato createa proof-of-conceptprototypethat maymodifythe existing domestic fund transfersinthe country’s interbanking system withthe helpof CBDC tokens. This project is named ‘Project Inthanon’ by BoT.
Thedecentralisedtransfer initiatives,steam-poweredby blockchain technology,may be amean servingto ‘raise the Thaimonetarysector’s technological readiness’ for adopting newtumultuoustechnologiesas an exceedinglyfocusedeffort to ‘enhance the operational efficiencies’, theBoTaforesaidin its statement released.
Project Inthanon wasinitiallyproclaimedbyCentral banksgovernor ‘Veerathai Santiprabhob’inamonetary summit held at Singapore earlier this year, heralding the project as a “newapproach of conducting interbank settlement”employingCBDC tokens.
The Thai Bank stated that this Project Inthanonwill be under the supervision of the bank of Thailandand cansee New York-based R3 as its technology partner withother eightdomestic banks. The CBDC projectattractsparallels to similar efforts undertaken by BOT’s counterparts inCanada, Singapore and Hong Kong.
The BoT defying the project mentioned:
‘The outcome and insights from Project Inthanoncancontribute tothe lookof Thailand’s futurefinancial market infrastructure’.
A year earlier, Singapore’sbank alsocompletedpartoneof its ‘Project Ubin’, the blockchain being devleoped to put“a tokenizedkind oftheSingapore dollar(SGD) on a distributed ledger platform.’ Last year in 2017, the Singapores bak alsounconcealedit had useda non-publicEthereum blockchainwith successto issue digital tokens as its national currency.
TheBank of Thailandconfirmed 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 frompartone, the project participants aim toadditionally develop the capabilities withthird party funds transfer and cross-border funds transfer.”