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Main Regulator of Thailand to Use Blockchain For Cross-Boundary Payments

  • Yuri Molchan
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    The central bank studies Blockchain apps to use them in the financial sphere

Main Regulator of Thailand to Use Blockchain For Cross-Boundary Payments

During the ASEAN Summit, the head of the Bank of Thailand (BOT) mentioned that the bank of the country is studying distributed ledger technology (DLT) software so as to use it in finance sphere, cross-boundary financial operations and for other goals. Naturally, this is all planned to be done in the Bank’s regulated testbed.

He mentioned that DLT startups and investment companies need this testbed to probe new technologies before the results are released to a wide audience.

DLT-powered regional connections

The head of the BOT also confirmed that the regulator also intends to set up regional connections. This will be integrated via Blockchain apps that enable trans-border financial operations.

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The Bank also plans to utilize the distributed ledger the sphere of securing financial data in order to avoid fraud and hacks.

BOT has also shown interest in DLT before– in June the governor announced that the bank’s team was closely cooperating with the local financial organizations as part of Thailand’s special Blockchain initiative set up in March.

The purpose of it was to apply DLT in the country’s financial business. Over a dozen organizations came to collaborate in this initiative together with state and private companies.

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Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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