Says Bank of Thailand governor, Veerathai Santiprabhob, in a news briefing
He says that they are currently studying the use of wholesale central bank digital currencies (CBDC) with commercial banks.
Adding that this pilot project will help to increase efficiency and reduce costs for interbank settlement and that it may link with other countries’ CBDC in the future.
Veerathai goes on to say that the central bank is cooperating with banks to study using blockchain in bond issusance to speed up the process as well.
In a separate statement released, the Thai Bankers Association says that 14 local banks plan to implement blockchain-based letter of guarantee to help cut costs by half by Q3 this year. It says that the system is currently being tested in the Bank of Thailand’s regulatory sandbox.
A positive development for cryptocurrencies in general, although I’m not sure enthusiasts can put a tick in the win column considering these will be regulated and centralised digital currencies.