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CENTRAL BANK OF THAILAND REVIEWS BLOCKCHAIN APPLICATIONS FOR...
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CENTRAL BANK OF THAILAND REVIEWS BLOCKCHAIN APPLICATIONS FOR CROSS-BORDER PAYMENT- SAYS DR. VEERATHAI SANTIPRABHOB, GOV. OF THAILAND BANK

In a speech, held at Bloomberg Asean Bussiness Summit on the 12th day of July 2018, the central bank governor of Thailand said blockchain technology is still being reviewed by the country’s bank, specifically for cross-border payments, supply chain financing and document authentication. 

According to him,improvement in regional financial connectivity and facility would be made easy if the country would accept cross-border payments via blockchain services. He also believe that blockchain technology would help reduce fraud and as well protect financial activities in the country.

The speech of the Thailand’s Central bank governor read thus:

The bank of Thailand is also undergoing regulatory reform to review outdated rules and regulations, to facilitate ease of doing business and ensure that our regulations do not impede competition and innovation and contribute to high costs of financial services.”

The country has already  taken two notable steps that would help implement the new technology in the country, following the report published on the 30th day of March, the country’s finance minister revealed a new tax framework for cryptocurrencies. The second Step taken by this country, Thailand, was announced on the 16th of July, when the Thai securities and exchange commission stated that the new initial coin offering will come to effect any time soon.

This, however is not the first Step taken by the country’s governor as it was announced in the early days of June by cointelegraph that the governor is considering issuing central bank digital currency(CBDC)in order to improve inter bank settlements.

 

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