Governor Of the Bank Of Thailand On Digital Currency. The Governor of the Bank of Thailand (BOT) expressed his views on cryptocurrencies. It states that it will take another 3-5 years for countries to switch from cash to cryptocurrencies.
Veerathai Santiprabhob stated that it is currently difficult for the digital currency to replace fiat currency. Veerathai Santiprabhob is the Governor of the Bank of Thailand (BoT). This is due to the technical complications and the lack of readiness of people to adapt to the use of digital currencies.
The Governor stated that the general population of Thailand will not be using a digital currency exclusively any time soon.
The Bank of Thailand announced its project, dubbed ‘Project Inthanon’, will be using the Corda distributed ledger technology platform which allows interbank transfers of funds among local banks.
Governor Of the Bank Of Thailand On Digital Currency. The project also aims to collaboratively design and develop a proof-of-concept prototype for wholesale fund transfers. This is by issuing wholesale Central Bank Digital Currency (Wholesale CBDC). It will be launching in the first quarter of 2019 and will be expanding its scope in the second phase.
“Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions. Thus, including third party funds transfer and cross-border funds transfer.”
-The Bank of Thailand
The Thai central bank is positive about the use of cryptocurrency. Also, it has developed a state-backed cryptocurrency (CBDC) which is not yet issued. BoT says that it is currently testing the use of digital currency as a means of payment among financial institutions in the country.
The article further states:
“The BoT hopes that full implementation of using digital currency among financial institutions would take place during the first quarter of 2019.”
Previously this month, the head of the International Monetary Fund (IMF) Chief, Christine Lagarde urged central banks around the world to take a look at issuing their own cryptocurrencies.