The Bank Of Thailand (BOT) Develops Large Wholesale Cryptocurrency

The Bank of Thailand is another bank that weighs the debate about the cryptocurrency. The Bank of Thailand wants to develop Central Bank digital currency (CBDC, also called “Digital Fiat Currency” or “digital base money”) the digital form of fiat money which is a currency established as money by government regulation or law, which will be issued and regulated by the bank. In this case, the Bank of Thailand is considering the development of a wholesale digital currency, which means that the actual tokens will not be available for retail use by the general public, but will be created for use by financial institutions in certain markets.

Indeed, with the Bank of Thailand working on this project, we could expect a wider introduction of cryptocurrency in the future, but for the general public this digital currency will not have a huge impact.

The digital currency of the Bank of Thailand will be the end result of a partnership between it and the Corda R3 platform, a distributed database technology platform designed for use by high-level companies in the financial sector. As a result, the Bank of Thailand also called for assistance from a number of banks in Thailand, including Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered and HSBC.