The Bank of Thailand (BoT) has announced the successful completion of the first phase of its blockchain based digital currency project ‘Project Inthanon’.
Project Inthanon was first announced in June 2018 when BoT partnered with R3, Wipro and eight commercial bank partners including: Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand), HSBC and others. It aims to increase the efficiency of Thai financial market infrastructure.
R3’s Corda provided the base platform and Wipro contributed development services to the interbank settlement project to enable real time gross settlement using a central bank digital currency.
The BoT is continuing this line of innovation to bring forward more efficiencies for government backed bond sales.