The Bank of Thailand Issuing Its Domestic Cryptocurrency

The Bank of Thailand Issuing Its Domestic Cryptocurrency

Bank of Thailand (BoT) governor Veerathai Santiprabhob brought the project up at Nomura Investment Forum Asia (NIFA) in Singapore. Creating a central bank-issued digital currency (CBDC) for internal use is a “new way of conducting interbank settlement”, says Santiprabhob. It is expected to help decrease the time spent on transaction and validation and expenses since fewer intermediaries will be needed

“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.”

As well as the adoption of CBDC, the governor also finds blockchain beneficial for the financial industry.

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