Thailand’s central bank, the Bank of Thailand (BoT), recently announced its plans to complete the first phase of a proof-of-concept trial for a central bank digital currency (CBDC) by March 2019. After eyeing a solution in the form of a digital currency that will help the bank settle transactions, the news of a cryptocurrency being formed by BoT is now official.
As the yesterday’s release stated, the Thai central bank has partnered with eight financial institutions in an attempt to create a CBDC based on Corda, which is a distributed ledger technology (DLT) platform developed by the enterprise-focused startup R3.
The main goal for BoT, understandably, is to use this cryptocurrency to facilitate interbank transactions and to “enhance the efficiency of the Thai financial market infrastructure” as the announcement reads.
BoT has signed up R3 as a technological partner in this new project – as well as eight other participating institutions including HSBC, Bangkok Bank Public, Krung Thai, Siam Commercial Bank and Standard Chartered Bank (Thailand).
As BoT stated in the announcement:
“Project Inthanon Phase 1 is expected to be completed by the first quarter of 2019 after which the BoT will publish a project summary accordingly.
Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.”
As the governor first revealed when showing the initial concept for the project in June, the aim is to explore the potential of blockchain in facilitating cross-bank transactions before it is launched at a larger scale.
The BoT also noted that there is another DLT proof-of-concept being designed right now – all in order to boost the efficiency of government-bond sales.
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"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
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- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
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