News The Bank of Thailand is creating a digital currency...

The Bank of Thailand is creating a digital currency based on R3’s Corda blockchain

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The Bank of Thailand is creating a digital currency based on R3's Corda blockchain

Thailand’s digital currency prototype is expected to be ready by the end of the first quarter next year.

Thailand’s central bank has announced plans to develop a proof-of-concept prototype digital currency.

The Bank of Thailand (BoT) revealed their intentions via a press release, explaining that the concept was borne from a collaborative enterprise entitled Project Inthanon. The central bank’s partners include global blockchain software firm R3 – whose open-source platform, Corda, will support the token – and eight other Asian banks.

The group is expected to design a wholesale Central Bank Digital Currency (CBDC) prototype that can be issued and used for wholesale funds transfers, contributing to Thailand’s future financial market infrastructure.

“This is in line with similar projects embarked upon by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore,” according to BoT’s latest press release.

Thailand

The initial phase of the project will encompass development and testing for domestic wholesale fund transfers. Integral payment functionalities, such as liquidity saving mechanisms and risk management processes, will also be established. The BoT expects to complete these trials by March 2019 and will then publish a project summary.

Following this, the group will work on developing third party funds transfer and cross-border functions.

The BoT is also constructing a blockchain-based proof-of-concept for a scripless government savings bond.

R3’s consortium consists of over 200 members across multiple industries, in both the private and public sector. Corda is open-source distributed ledger technology (DLT) that enables direct transactions via smart contracts.

The R3 consortium launched in 2014 and has since managed to pull in hundreds of millions in funding rounds and consultation fees. Now it may be on the way out. In June, anonymous insiders described a company on its last legs, expected to run out of money by the end of next year and “laughably off” its revenue targets.

Venezuela will begin using its new, controversial, US-banned petro cryptocurrency as an authoritative accounting unit from the beginning of next week, according to the country’s President Nicolás Maduro.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock

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