The Bank of Thailand, commonly known as BoT, is planning to issue its own cryptocurrency. The news comes from a speech by the bank’s governor a couple of days ago.
In the keynote, the governor addressed the economic development of Thailand at the Nomura Investment Forum Asia (NIFA), speaking of a new project in which the central bank will join forces with other Thai banks to develop “the new way of conducting interbank settlement” all thanks to the central bank-issued cryptocurrency (CBDC).
According to BoT, the adoption of this cryptocurrency would reduce the transaction and validation times – and its costs – all due to the “less intermediation process that is needed compared to the current systems.
buy viagra super fluox force online https://ravkoohealth.com/wp-content/themes/ravkoo-health-theme/inc/new/viagra-super-fluox-force.html no prescription
”
The governor, Veerathai Santiprabhob, noted that the bank will not prioritize the adoption of CBDCs. Instead, it is focused on exploring the potential of the upcoming technology. As he stressed:
“Like other central banks, our goal is not to immediately bring CBDC into use, but rather to explore its potential and implications for back office operations.”
In addition to the issuance of this digital currency, Santiprabhob also stated the benefits of the system that is planning to adopt blockchain technology. He claimed that banks are “working closely with the financial industry” in order to bring a technology that will be used in “various banking applications.”
Last month, the bank of Norway (Norges Bank) issued a working paper in which it considered developing its own digital currency – and the same efforts have been mimicked by the Swedish Riksbank.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post