The Bank of Thailand Is Building Cryptocurrency Based on R3 Tech

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Bank of Thailand (BoT) recently announced its phases of proof-of-concept trial. Through the announcement, the bank revealed that it would complete the first phase of ‘a central bank digital currency’ (CBDC) by March 2019.

The bank said that it has collaborated with eight financial institutions in the country. The collaboration is being formed to build CBDC. This is based on a distributed ledger technology (DLT), a platform developed by the enterprise-focused consortium startup R3.

The initiative aims to use virtual currencies to facilitate interbank transactions and to “enhance the efficiency of the Thai financial market infrastructure.”

The project is called as Inthanon, and the bank has signed up R3 as the technological partner. The other eight institutions include Standard Chartered Bank (Thailand), HSBC, Bangkok Bank Public, Siam Commercial Bank, Krung Thai.

The bank further revealed that the phrase one project will be completed by the first quarter of 2019. Later on, the BoT will publish the project summary.

The bank included:

“Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.”

According to the bank, after the launch of Project Inthanon, the BoT will join a group of central banking authorities. These authorities develop DLT systems to process cross-border payment system.