The Bank of Thailand is developing its cryptocurrency

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The Central Bank of Thailand announced its plans to develop a cryptocurrency for the implementation of interbank money transfers. Plans companies have already started to materialize – the Bank began to work on creating a digital asset called Digital Currency Central Bank (CBDC)!

Together with the blockchain R3 and a consortium of 8 local banks employees of the Bank are working on a prototype network token CBDC. Will be based on blockchain Corda from R3, however, the new network will operate on the basis of the Protocol “proof of concept” (proof-of-concept).

A project to create a cryptocurrency called Inthanon, in essence it is similar to the development of the Central Bank of Canada and Singapore. Inthanon is aimed at improving the system of execution of transactions, the algorithm “proof of concept” will allow to raise level of security of the blockchain.

The first phase of prototype testing is scheduled for the first quarter of 2019, the test results will be used to expand network capabilities and improve the efficiency of international remittances. The Thai government believes that cryptocurrencies will help to improve the traditional financial system of the country, to this end, on 5 August, the government allowed companies to establish subsidiaries for the implementation of brokerage services in the field of digital assets and investments in blockchain startups!

In June of this year the Commission on securities and stock exchanges of Thailand legalized trade family virtual currencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Stellar (XLM) and Ripple (XRP). The government’s position is changing in a positive way, and it can not please cryptoendoliths!

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