Thai Banks Tap Cement Company for Using First Digital Currency Payment

July 2, 2020

thai bank

Written by: Dcryptonews

The Thai Central Bank announced that its target would be business now and they would design a payment system for business purposes only. The central bank also mentioned that the digital currency system has been well adopted by Digital Avenue, which means that this particular project will also include study on the feasibility of digital payment options. 

“The project marks an important step in broadening CBDC’s scope and adoption to wider audiences, starting with large corporates,” – says the Bank of Thailand’s website.

The Central Bank of Thailand says that it expects a prototype known as CBDC which will help to built up a knowledge on everything that is needed. A new project known as Inathon was launched in 2018, and it also calls for collaboration between eight of the leading financial Thai institutes and the Central Bank of Thailand. This financial readiness will help the financial sector of Thailand to grow more. 

While it was already heard the Central Bank of Thailand had already moved a lot towards the digital currency project and the blockchain project in the past year. 

“The prototype has successfully demonstrated that DLT [distributed ledger technology] can significantly enhance payment efficiency by enabling 24/7 interbank settlements.”

The project’s banking partners include Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand), and HSBC, among others.

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