RATE Group | Bank of Thailand Develops Cryptocurrency Pilot Based on R3 Technology
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Bank of Thailand Develops Cryptocurrency Pilot Based on R3 Technology

23 Aug Bank of Thailand Develops Cryptocurrency Pilot Based on R3 Technology

Posted at 12:19h in Cryptocurrency News by

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The Bank of Thailand (BoT) – the country’s central bank has announced that it has made significant progress on its cryptocurrency pilot program. The country’s apex bank’s planned completion date for phase one of the project is Q1 2019.

Project Inthanon

In a press release published on Tuesday (August 21, 2018), the BoT said that it had secured partnerships with eight Thai-based financial institutions. The purpose of these collaborative efforts, according to the bank is to facilitate the creation of Project Inthanon – a central bank digital currency (CBDC). The plan is to have the CBDC run on R3’s proprietary distributed ledger technology (DLT) platform – Corda.

According to the press release:

The outcome and insights from Project Inthanon will contribute to the design of Thailand’s future financial market infrastructure. This is in line with similar projects embarked upon by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary…

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