Bank of Thailand Considers Blockchain for Cross-Border Payments, Fraud Reduction

9w
1m read
Summary

Veerathai Santiprabhob stated that the bank was specifically reviewing blockchain applications for cross-border payments, supply chain financing, and document authentication. The central bank’s governor Dr. The Governor of the Bank of Thailand (BoT), said that the bank is considering blockchain technology for various applications during a speech at the the Bloomberg ASEAN Business Summit on July 12. Santiprabhob spoke of possibly issuing central bank digital currency (CBDC) to improve interbank settlements. As Cointelegraph reported March 30, the country’s Finance Minister revealed a new tax framework for cryptocurrencies.

Article Preview

The Governor of the Bank of Thailand (BoT), said that the bank is considering blockchain technology for various applications during a speech at the the Bloomberg ASEAN Business Summit on July 12.

The central bank’s governor Dr. Veerathai Santiprabhob stated that the bank was specifically reviewing blockchain applications for cross-border payments, supply chain financing, and document authentication.

According to Dr. Santiprabhob, using blockchain for cross-border payments would “improve regional financial connectivity and facilitate smoother cross-border financial services.”

The BoT’s Governor also sees blockchain playing an important role in reducing fraud and protecting financial information:

“Adoption of modern technologies like...

Read the full article @ Coin Telegraph