BTC Wires

Bank of Thailand Might Consider Using Blockchain For Overseas Business

On July 12, while giving his speech at the Bloomberg ASEAN Business Summit, the Governor of the Bank of Thailand (BoT) said that the bank is contemplating about using Blockchain technology for various applications.

Dr. Veerathai Santiprabhob, the central bank’s governor, stated that the bank is reviewing blockchain application especially for cross-border payments, document authentication, and supply chain financing.

According to him, use of blockchain for cross-border payments would better off “regional financial connectivity” and help in conducting “smooth cross-border financial services.” Furthermore, he envisions blockchain as a key technology in reducing fraud and shielding financial information.

During his speech on Thursday, Dr. Santiprabhob, spoke about the recent development of banking regulation to encourage “competition and innovation”.

“The Bank of Thailand is also undergoing regulatory reform to review outdated rules and regulations, to facilitate ease of doing business and ensure that our regulations do not impede competition and innovation and contribute to high costs of financial services,” he said. Earlier in June, the governor spoke of the possibility of issuing central bank digital currency (CBDC) to improve inter-bank settlement.

The country has lately made some noteworthy moves in regulating cryptocurrencies including the formation of new tax structure for the digital tokens and the implementation of new regulations by Thai Securities and Exchange Commission (Thai SEC).